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Gambling Complex Has Financing, Backers Say

The team behind the proposal say they've lined up financing for the complex.

 

Dan O'Leary, the developer behind the , and his partners said they've lined up financing for the project, according to the Atlanta Journal-Constitution.

O'Leary promises that the complex, which would be built near the OFS facility along Jimmy Carter Boulevard and I-85 South, would generate $350 million for the HOPE scholarship and bring in 2,500 permanent jobs, in addition to 1,000 construction jobs. 

From the AJC: “We think the project is right,” said Ed Sutor, who runs Dover Downs, a Delaware-based resort that is a model for O’Leary’s proposed complex and would run it under contract. “We’ve found the perfect location. We understand the financial trouble the HOPE scholarship problem is in.”

Sutor told the AJC that O’Leary and Dover Downs Gaming & Entertainment have commitments for financing from investment banks in New York and California.

The complex plans to target 40- to 60-year-old white collar clientele who have disposable incomes, Sutor said. He added that the resort would attract 5 million out-of-state visitors annually.

Jan Kennedy March 11, 2012 at 07:27 PM
Appalling! Just like the HOPE lottery program has gone down hill, another gambling business will end up causing more trouble than the money it brings in.
Charlie Russell March 11, 2012 at 08:10 PM
Sounds pretty good. Georgians, like most Americans, don't believe in taxes. It would seem we must generate income from somewhere. Would there be windfall profits for someone? Sure, but then that's the case in almost everything now.
Jimmy March 11, 2012 at 11:07 PM
The reason Hope has 'gone down hill' is grade inflation. As long as college is 'free' there will be the belief that all are entitled to it...not everybody is college material. Somebody has to make the fries.
David B. Manley March 12, 2012 at 03:26 AM
I don't gamble, and don't like gambling, but am reluctant to project my moral views on others or tell others how to spend their money. Folks are going to gamble whether it be here or Cherokee, NC, Biloxi, MS, or elsewhere. This type of project (that includes a hotel and theater) apparently doesn't have a history of causing "trouble." If there is no public funding used while the potential for this $1 billion project is to attract 5 million out-of-state visitors annually with their contribution to our economy, generate $350 million per year for the HOPE scholarship, bring in 2,500 permanent jobs, in addition to 1,000 construction jobs, and increase tax revenues, then it seems we should not stand in the way of a private enterprise that may greatly benefit us.
David Leader March 12, 2012 at 05:09 PM
I'm in agreement with David; on one hand I'm against regressive taxes; making this available just hurts poor people who cannot afford to frequent these areas. On the other hand, it is a good source of revenue that would help us a lot, and would stop people from having to travel to surrounding states. My biggest worry is increased crime rates; but that area is already fairly high crime. I certainly would not support it in Peachtree Corners because it would cause degrading in our sector; but in areas that are already fairly high in crime, I don't think it's going to hurt them any more. So let it be... this will be the only way we can keep the HOPE scholorships alive, which I think is necessary if Georgia's children want a chance to catch up with the other states.
Harry Dorfman March 13, 2012 at 12:07 AM
The old GM plant would be a perfect place for an entertainment complex!
Bert Robinson March 13, 2012 at 12:17 AM
We can stand by and watch people from Georgia go to other states to spend their money or we allow casinos to come to Georgia and keep the money here where we need it. Anyway you look at it , people like to gamble and you are not going to stop it. They are willing to leave the state in order to gamble as is proven.
Russell Fagan March 19, 2012 at 12:54 PM
As a former resident of the Mississippi gulf coast I can tell you first hand that our community will never be the same if a casino opens here. There was a stark difference in pre casino Gulfport and Biloxi and post casino. Theft and drug violence rocketed and the beach became dirty and run down.The argument is always the same "let's keep the money here, why let another area get all the revenue." The problem is the money never stays in the area and the negatives never go away. The Gulf coast was no different. Once a casino moves in the crime rate will rocket.

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