Missouri may hold a referendum on Bally's Ozarks Casino in November.
A group of investors associated with Osage River Gaming & Convention (ORGC) turned in over 320,000 signatures on Sunday from Missouri inhabitants to the office of State Secretary Jay Ashcroft. If at least 171,592 signatures are deemed valid, a state-wide referendum would be added to the November ballot, asking voters to ratify casino gambling on the Osage River and a fourteenth riverboat casino license.
Osage River Gaming has been gathering signatures from the public for months. Their efforts intensified in December after the Miller County Commission—which represents the eastern half of the Lake of the Ozarks—endorsed the casino initiative through a unilateral resolution.
If endorsed by the electorate, the multipurpose tourist destination would incorporate a new gaming casino, hotel, convention center, food/beverage options, spa, and other attractions, stimulating the region's economy all year round, according to ORGC.
With 148,000 more signatures on hand than the minimum required, the odds of presenting the Lake Ozarks casino proposition to voters during the Nov. 5 presidential election show promise.
Bally's Partner-in-Crime
ORGC has chosen Bally's Corporation as its co-conspirator and potential operator of the casino and hotel. They're aiming for land underneath the Bagnell Dam, on the southern side of US 54 at Lake Ozark.
ORGC and Bally's assert that, should they get the green light, the casino development would generate 500 construction jobs and up to 800 permanent resort positions. However, Bally's has recently experienced some financial setbacks, like credit downgrades and harsh criticism for its ambition to construct an excess of $1 billion casino in downtown Chicago.
Bally's funding potential for the Chicago integrated resort, combined with their plan to build a multibillion-dollar casino in New York, a smaller one in State College, Pa., and a leisure resort in Petersburg, Va., has triggered concerns about their future access to credit.
Bally's Chairman Soo Kim, whose private equity firm Standard General is attempting to acquire the casino company in its entirety, recently discussed the matter on the GGB Podcast. He noted, "We are a mid-sized gaming company. I think we specialize in operating in regional markets like the Ozarks."
"We're not the top contender. I think we're more skilled in operating in regional markets. Destination markets like Las Vegas is a different enterprise, and we know we're just dipping our toes into that endeavor," Kim further elaborated.
Opposition to the referendum could stem from the Osage Nation, a local tribe from Oklahoma with historical ties to the area. This federally recognized tribe is immersed in a federal struggle to secure land near the Lake of the Ozarks for a tribal casino.
ORGC has already raised approximately $4 million to back the Lake Ozarks casino ballot issue.
Missouri Stakes
If Ashcroft's office authenticates the necessary signatures and the referendum materializes, only a majority vote by the general public would authorize riverboat slot machines and table games on the Osage, granting the Missouri Gaming Commission the authority to issue a fourteenth gaming concession.
The question about casinos extending to the Ozarks could be one of two gambling expansion measures potential Missouri voters would face. Only a few days ago, another gaming campaign submitted over 340,000 signatures for a sports betting referendum that would sanction both retail and online sports betting on professional and collegiate games.
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Source: www.casino.org
