Bankruptcy or Gambling

11/03/2008		Bankruptcy or Gambling?
Home History Games News Dictionary		Once again we find that although the UIGEA still stands strong, state legislators are trying to find a means by which they can use gambling to bail them out of a problem. In Alabama’s case, it could be an absolute necessity as Birmingham officials consider filing for bankruptcy to get them out of millions of dollars of debt. In the 1990’s the city borrowed funds in order to finance a major overhauling of sewage systems in the city. Since then, the debt has remained stagnant until recent years, when repayment became more difficult as the nation crept into the current recession. Very few options remain, including bankruptcy and regulating gambling options. Officials are scrambling to avoid bankruptcy, leaving casinos a window of opportunity. Jefferson County commissioner Bobby Humphreys had the following to say on the possibility: “You'll see a lot of things come up if it goes that far (to the state legislature) to try and solve this. Number one is some kind of gaming laws to be tapped, to use that for Jefferson County.” Fellow Commissioner Jim Carns confirmed the gambling as a viable possibility, stating that there were more supporters of the idea in the area than one might assume. With only two of five commissioners vying for bankruptcy, it may be more than just a possibility.

11/03/2008

Bankruptcy or Gambling?

Once again we find that although the UIGEA still stands strong, state legislators are trying to find a means by which they can use gambling to bail them out of a problem. In Alabama’s case, it could be an absolute necessity as Birmingham officials consider filing for bankruptcy to get them out of millions of dollars of debt.

In the 1990’s the city borrowed funds in order to finance a major overhauling of sewage systems in the city. Since then, the debt has remained stagnant until recent years, when repayment became more difficult as the nation crept into the current recession. Very few options remain, including bankruptcy and regulating gambling options. Officials are scrambling to avoid bankruptcy, leaving casinos a window of opportunity.

Jefferson County commissioner Bobby Humphreys had the following to say on the possibility: “You'll see a lot of things come up if it goes that far (to the state legislature) to try and solve this. Number one is some kind of gaming laws to be tapped, to use that for Jefferson County.” Fellow Commissioner Jim Carns confirmed the gambling as a viable possibility, stating that there were more supporters of the idea in the area than one might assume. With only two of five commissioners vying for bankruptcy, it may be more than just a possibility.