Senate Republican Office
FOR IMMEDIATE RELEASE
AUGUSTA – With the approval of Legislative Council, Senator Ron Collins (R-York) has sponsored LD 1568, “An Act To Require That Principals of Corporations Remain the Same for a Specified Number of Years for the Corporation To Be Eligible for a Casino License.”
Under current law, it is illegal to transfer a casino operator license, but it isn’t illegal for a company holding (or eligible to apply for) a casino operator license to be sold, effectively transferring the license to a new company or individual. LD 1568 seeks to close this loophole by requiring that a corporation applying for a license must have had the same principal officers for at least five years prior to the issuance of that license, and requires that the same officers must stay in place for at least 10 years after the issue or renewal of the license.
“It has come to the attention of members of the Legislature’s Veterans and Legal Affairs Committee that the financial backers of the York County casino referendum plan to skirt the intent of the law by exploiting a loophole that would allow their corporation to make tens of millions of dollars, should voters approve this ballot question,” said Sen. Collins. “Their lobbyist admitted to the committee that should voters approve the referendum, they plan to turn around and sell the company immediately upon the passage of the initiative authorizing a casino in York County for an incredible profit, transferring the license eligibility to the new owners with the sale of the company.”
“Maine’s referendum process should never be utilized as a financial investment for those who can afford to pump millions into the election process for their own personal gain. That is why I’ve sponsored a bipartisan bill to close this loophole and keep our elections above board in Maine.”
LD 1568 is currently before the Veterans and Legal Affairs Committee for consideration.