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|Articles - November 2010|
|Thursday, October 21, 2010|
Page 4 of 6
For a long time it was a mystery who was behind Studer’s ambitious plans for a Wood Village gaming and entertainment center. Studer and his partner, attorney Matt Rossman, first went public with their idea in 2005 without disclosing who their partners were. Now that they have made their way onto the November ballot with one of the two measures they hoped to pass, they are providing some jaw-dropping details about the size and scope of what they hope to build with the Las Vegas-based Navegante Group and the Toronto-based investment firm Clairvest.
Their plan calls for 3,500 slot machines (Spirit Mountain has fewer than 2,000), 150 gambling tables, a 290-room hotel, a concert hall, an indoor/outdoor water park with a flow wave machine for surfers, a 14-screen movie theater and 36 lanes of cosmic bowling. Clairvest, one of the investors in a recent casino development near Chicago’s O’Hare Airport, would finance the deal. Navegante, run by a former chairman of MGM, would design and manage the casino.
“The investment is there and the players are in place,” Studer says. “We’ve got the best team on the field.”
Studer says the resort would earn $589 million in annual revenues at full build-out, employing 5,000 people between construction jobs and permanent positions and contributing $150 million per year to public schools, counties and municipalities.
If those kinds of numbers were to come to fruition, one non-tribal casino in Wood Village would be earning more money than all nine tribal casinos in Oregon combined. It would also wreak havoc on the Oregon Lottery and the Grand Ronde’s Spirit Mountain. State analysts estimate it could take away $72 million to $79 million per year away from lottery proceeds. Martin predicts the Grand Ronde would have to lay off half of its 1,500 employees at Spirit Mountain if the Wood Village casino were to go through.
Studer and Rossman say their project would simply give consumers more choices. They describe it as the largest unsubsidized economic development project in the state, thousands of new jobs created with out-of-state capital. “Not one dime of taxpayer dollars will be used,” says Rossman.
But it’s unclear whether their casino would be legal. Studer and Rossman have been trying to change the state constitution to allow non-tribal gambling since first going public with their plans five years ago. They haven’t succeeded yet, and their latest attempt to put the question on the ballot didn’t get enough signatures.
Their legal position is now complicated because only one of the two measures they backed made the Nov. 2 ballot. Between the constitutional issue and limited support for the casino in polls, the odds seem against them — for now. They’ve said that they can move ahead without changing the constitution, but opponents such as Len Bergstein scoff at that notion.
Bergstein is the well-connected Portland-based public affairs strategist who helped the Grand Ronde build their casino and is now trying to help the Warm Springs build theirs. He says the constitutional issue is hardly a detail that Studer and Rossman can shrug off. “They spent $1.3 million to get two initiatives on the ballot, not one,” says Bergstein. “They knew they had to change the constitution. They failed. They did not get enough signatures. Now they say they don’t need it. Well, nobody believes that.”
It will be up to the courts to decide that issue and others if the Wood Village casino earns approval. Studer and Rossman say they fully expect a lawsuit from the tribes as they progress toward a non-tribal casino.
Wednesday, February 25, 2015
BY JASON NORRIS, CFA | OB GUEST BLOGGER
Pets.com, GeoCities, eToys, and WorldCom … blasts-from-the-past that all signify the late 1990s Internet bubble. Yet we believe the dynamics of the market, specifically in technology stocks, are much different today than it was during the late 1990s.
Friday, March 27, 2015
BY AMY MILSHTEIN
As baby boomers sell their businesses, too many forget the all-important succession plan.
Tuesday, March 10, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
Baseball is returning to Portland and city officials are hoping economic opportunity comes with it.
Thursday, March 19, 2015
BY APRIL STREETER
How the private sector can ride the next transit revolution.
Friday, March 27, 2015
BY JACOB PALMER
Five years in the making, the Portland Mercado — the city’s first Latino public market — will celebrate its grand opening April 11. A $3.5 million public-private partnership spearheaded by Hacienda CDC, the market will house 15 to 20 businesses in the food, retail and service sectors. It has some big-name funders, including the Paul G. Allen Family Foundation and JPMorgan Chase. The project goals are equally ambitious: to improve cross-cultural understanding, alleviate poverty and spur community economic development.
Friday, March 27, 2015
BY JOE CORTRIGHT
The CRC is a cautionary tale about how we plan for, finance and invest in transportation infrastructure.
Wednesday, April 01, 2015
BY LINDA BAKER
Leaders in Oregon's ag sector gathered this morning in Portland’s Coopers Hall winery/taproom to discuss the role of the region as an export gateway, impediments to exporting products and solutions to containerized shipping challenges.
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