Emerald Casino Surrenders in License Fight
Emerald Casino, Incorporated has dropped its legal battle to regain control of its casino license in the state of Illinois. Emerald has been pursuing legal action to force reinstatement of its license for several years.
Emerald hasn't operated since 2001. The company planned to build a casino in Rosemont, and construction on a gambling barge began; but, the license was suspended when the Gaming Board ruled against the Rosemont plan.
In 2005, the Illinois Gaming Board revoked the license held by Emerald, citing evidence that investors with the company had extensive ties to organized crime, and that company officials had deliberately lied to regulators.
The license, one of ten issued by the state, has been dormant since. Emerald has tried several remedies to restore the company's casino privileges, but state courts have repeatedly rebuffed Emerald's arguments, and the state Supreme Court rejected the case in November.
The withdrawal of legal challenges by Emerald allows Illinois a chance to auction off the license early next year. Officials estimate the state has lost over $1 billion in revenue because the license was dormant.
Mayor Daley of Chicago has thus far avoided seeking to acquire the license in his city, as the license permits only 1200 slot machines in operation, and Daley prefers to try to win the right to establish a much larger casino in Chicago.
