New Jersey State Lottery To Pick Up Slack Of Economy
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The state of New Jersey is in the same economic difficulty as most of the other states in America. They are feeling the effects of a slowed economy, and are facing a huge budget deficit.
The state government has turned to the same solution that has been exhibited by other states over the past few months. Increased gambling. They are asking the state lottery for help.
The state lottery will be asked to increase their sales, and try and make up for some of the economic downfalls. The problem that has been arising is the lottery is being played by poor people, instead of the upper class.
That could create a problem since the poor people are always the first ones hit in times of economic crisis. The state will have to do significant work if they are going to get people to spend more money on the lottery.
Already, the state lottery has the nation’s ninth highest rate of spending per household. $769 a year is currently being spent per household, that equals $2.4 billion in annual sales. Still, the government feels that there is room for more sales.
State Gives Casino One Month To Show Reasons Not To Sell
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The Greektown Casino in Detroit is now on the clock. They have been granted one month by the Michigan Gaming Control Board to show reasons for why the state should not force the sale of the casino.
Financial goals for the casino that were set by the state have not been met. That has led to the casino trying to sell a share of their investment in order to help financially.
It is not yet known whether a deal that was created last week will go forward. The deal would have the casino sell a forty percent share. In exchange, the casino would gain much needed money to improve the facility.
Entertainment Interests Group LLC of Bloomfield Hills has agreed to purchase the share of the casino for $100 million. That money would give the casino some security, and help make improvements.
If the sale was to be completed, the casino would have no problem convincing the Control Board that a change in revenue could occur. Currently, the Sault Ste. Marie Tribe of Chippewa Indians is in control of Greektown Holdings LLC, which owns the casino.
Regardless of the pending sale of shares, the casino now has to meet a one month deadline to give reasons why the casino should not be forced into sale.