New players voted this site the most exciting casino online.
Play Now at Golden Casino
Golden Casino is the most trusted online gambling site on the internet.
Play Now at Lion Slots Casino
Lion Slots features interactive slot machines called i-Slots.
Your Ad Here?
East Chicago and Second Century Inc. the development company involved with the city’s Showboat Casino have reached a proposed settlement to end a long running court battle.
In 2005 the Indiana attorney general’s office and the city sued Second Century claiming its owners kept more than $16 million in casino revenue that had been agreed to be used for development projects within the city.
Second Century received 0.75% of the gross gaming revenues from the casino since 1997, under the terms of the settlement the city will get 54% of the $10 million funds remaining in an escrow account holding money paid to the foundation since the start of the lawsuit.
The agreement also prevents Second Century from receiving future shares of the casinos money.
East Chicago Mayor George Pabey announced the proposed settlement on Thursday when he urged the City Council to ratify the deal at its regular meeting Monday.
The city will use the money to fund existing economic development projects sponsored by the city.
However the attorney general’s office says the portion of the lawsuit seeking an accounting of the money by Second Century remains active.
Because the foundation is a private, for-profit entity, there has been no public accounting of how the casino money was spent.
Related posts:
