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Kevin Flynn Draws Michigan Aces
Ex-casino owner eyes $5-mil. prize
Kevin Flynn, thwarted in his bid to open a casino in northwest
suburban Rosemont, stands to hit a smaller yet tidy jackpot if Indian
tribes are blocked from opening a pair of casinos in southwest Michigan.
Mr. Flynn, his father and a group of investors lost the chance to
open a casino in one of Illinois most lucrative locations when state
casino regulators forced them to give up their Illinois casino license
after determining that some of the investors had ties to organized crime
figures and the group had failed to disclose agreements related to the
construction and ownership of the proposed Rosemont casino. Another
group recently won the right to open a casino in Rosemont.
Now, Mr. Flynn is on the verge of collecting $5 million if Indian
casinos proposed for Battle Creek and New Buffalo, Mich., dont open by
November. Ground hasnt been broken for either casino, and with both
projects tied up in litigation, the payment to Mr. Flynn seems assured.
Writing the check would be Boyd Gaming Corp., a Las Vegas casino
operator that bought a Michigan City, Ind., gambling boat and attached
hotel from the Flynns for $273.6 million in 1999. That facility, the
Blue Chip Casino and Hotel, is just nine miles from the casino the
Pokagon Band of Potawatomi Indians wants to build in New Buffalo.
When it agreed to buy the boat, Boyd also signed a five-year
consulting agreement with Field Street Inc., where Mr. Flynn was CEO.
Under the contract, a copy of which was provided to CRAINS by a
spokesman for the Pokagons, Field Street agreed to provide consulting
services to Boyd on marketing and promotional matters, legislative,
regulatory and lobbying matters and ongoing operations.
In return, Field Street was to receive $42,000 per month in
consulting fees ($2.5 million over the five-year contract term ending at
June 30, 2004); reimbursement for travel, legal and lobbying expenses,
and a $5-million contingent payment if neither Indian casino was open
when the consulting contract expired.
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2004 Online Casino News Archive