49ers bet on Harrah's

#1
The San Francisco 49ers and Great America's new owner, Leon Black's Apollo Management, is potentially good news for those who support a new football stadium in Santa Clara. Horse trading with Apollo's Harrah's and the DeBartolo Corporation has occured in the past (before Black) with the purchase of Louisiana Downs in 2003 where Bossier City's Harrah's Lousiana Downs Casino stands today. The current owner of Harrah's, Apollo Management, bought Harrah's in 2008 and resumed its purchasing with the $2.4 billion buyout of Great America's owner Cedar Fair for $635 million cash this week. With the leasing of the land at Great America for 49ers fans to park and tailgate a vital issue, a ballot measure needs 4,000 signatures for a June 2010 vote to authorize the stadium.

If a deal is cut with Great America, the National Football League could void it due to Apollo's ownership of Harrah's, since casinos are taboo with the league. The NFL is allowing casino cities such as Las Vegas to advertise on the Super Bowl and playoff broadcasts this season, but the league will still prohibit commercials for specific hotels and casinos. Maybe the NFL is softening up on its gambling stance and will allow the 49ers to play in the Santa Clara digs.

The 49ers might be in position to buy Great America to solve the parking lot issue since Apollo Management is a private equity firm and has a history selling assets. The California Public Employees' Retirement System (CalPERS) owns 9% of Black's Apollo while investing close to $4 billion in the private equity firm, can influence Great America's sale to the 49ers. CalPERS lost billions investing indirectly in Harrah's and we are subsidizing Apollo Management's spending spree as taxpayers. Shouldn't we have a say?

Article with links at http://www.examiner.com/x-18051-San-Francisco-Blackjack-Examiner~y2009m12d18-49ers-bet-on-Harrahs
 
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