In this Internet era the Nasdaq can gain or lose a billion dollars in the first 10 seconds of daily trading.
In politics such high-stake matters take a bit longer to play out.
This morning after just one month of dizzying dialogue, proponents of a planned Internet casino thanked the city for its time but promised to launch their enterprise without the Las Vegas city seal they had coveted.
“Since the entire City Council cannot make a unanimous decision at this time, VegasOne.com intends to move forward and establish a worldwide first-class quality Internet site online and to especially promote downtown Las Vegas and its attractions,” attorney Jim Jimmerson told the City Council this morning, reading from a letter he sent them the night before.
Four weeks ago the proposed VegasOne.com casino with the city’s name and seal seemed a sure bet.
But with two of the council’s biggest cheerleaders sidelined by conflicts of interest, the proposal hit a wall of uncertainty over the city’s liability and security concerns.
Mayor Oscar Goodman reluctantly recused himself from the matter after learning his law firm had represented Bob Stupak, the gaming pioneer who came up with the idea for a city-blessed Internet casino. City Councilman Michael Mack bowed out after learning his campaign adviser was helping market the VegasOne.com proposal.
This morning, Councilman Michael McDonald also abstained, citing the need to err on the side of caution until he is able to determine whether his employer, Las Vegas Color Graphics, has any connection to the proposal.
From the start the council salivated at the potential $90 million in revenue the city could receive from the joint venture annually.
Under the proposed contract, the city would receive 25 percent of the net profits and 5 percent of the gross gaming revenue.
Jimmerson and renowned Togel Singapore gaming attorney Anthony Cabot argued the city’s name and seal would lend credibility to the site in a cyberspace already packed with Vegas-named casinos.
But the initial questions became grave concerns when the remaining council members — three of whom are up for election next year — began hearing staunch opposition from the gaming industry, Gov. Kenny Guinn and U.S. Sen. Richard Bryan.
This morning Jimmerson took a shot at the Nevada Resort Association, although not mentioning it by name, as a “self-serving trade organization” with an anti-competitive bent.
Two weeks ago the council asked the city manager’s office to explore some of the questions and brief the board on the findings.
“Some of the things we were able to answer in a tightly written contract and some we will probably never be able to answer,” Assistant City Manager Betsy Fretwell said in an interview before today’s meeting.
Councilwoman Lynette Boggs McDonald thanked the applicant for giving the city consideration, but added: “I always came back to the same fundamental concerns.”
