Les Otten plans run for Maine governor

[wa-loaf]

The "He owes me money" vote is kind of a joke.
Did Les (ASC) leave lots of people hanging when they defaulted on loans?

More like the money people who bought ASC stock lost.

 

[wa-loaf]

*Sam Adams was a complete screw-up before the American Revolution. Despite having a Harvard education, he squandered his intelligence coasting along through life. Boston would have been better off without him as Tax Collector as he didn't even fulfill his duties at that, letting most people slide. Yet he led the Sons of Liberty and the rest...is history!

Ya think maybe he wasn't trying that hard for a reason?

 

[severine]

Ya think maybe he wasn't trying that hard for a reason?

That's not his only lack-of-success. Ha, ha though.

I rather think it was the brewery that was at fault.

 

[Marc]

That's not his only lack-of-success. Ha, ha though.

I rather think it was the brewery that was at fault.

WOAH WOAH woah.

Woah. Wait.







Sam Adams was a person?

 

[drjeff]

Maine is a political and economical cluster.

The casino issue is going to keep coming up because no one is coming up with new ways to bring industry/ economy to the state. The governonrs office keeps "hoping" someone will open the defunct paper mills in the all the now destitute mill towns across the state. They refuse to realize that Maine Paper has run its course. Meanwhile, hundreds of wonderful people (I taught in a mill town for years) are jobless without hope of something new being brought in to stimulate the economy.

State government is in a 200+ million dollar shortfall this year. I am not sure where it stacks nationally, but I am sure it is high. The total nab of it is that a majority of the cuts are coming to education.

It's really a sad situation for so many quality/ qualified individuals. And Dead, I think you had an awesome point in an earlier post. Your reasons are exactly why I am considering leaving without return. (save a few annual trips to the Loaf)

Bob, you are right...too many Mainers are stuck in "Old Maine" philosophy.

Little 'ol CT had about a BILLION dollar budgetary shortfall to close up in the budget passed about 6 weeks ago. Then about 3 weeks after they passed the budget the legislature comes back with new recreation taxes (state parks, SALTWATER fishing licenses) and an increase in driver's license fees since the original budget they passed was already 50 or so million in the red after it's 1st few weeks!

 

[severine]

WOAH WOAH woah.

Woah. Wait.







Sam Adams was a person?

You're funny! :beer:

 

[drjeff]

WOAH WOAH woah.

Woah. Wait.







Sam Adams was a person?

Yup, he used to play in the NFL as a BIG defensive lineman! (#95 in this pic)

 

[ski_resort_observer]

stopped at a gas station in Oxford county on the way to Sunday River this past weekend. There were two people there gathering signatures as to whether or not to allow a casino in Oxford county.

When I was living in Maine there was a big push to allow a big casino developement in Sanford, a typical New England depressed mill town n th3e NH border. It divided the state, signs for both sides littered the roadways everywhere. They ended up doing a statewide referendum and it was soundly defeated.

A few years later National Penn, huge gaming company, somehow got the state to allow them to build a slot machine business in Bangor despite an outcry from every corner of the state. It took in 1m dollars the first day it opened. Recently NP built a huge hotel and expanded the slots business in Bangor. Is it a casino, depends on who you ask.

Oxford County has always been economically depressed, Other than the raceway they don't have alot of big companies offering jobs. It's been about 8 years since the Sanford casino defeat but maybe the times have changed enough that it will be allowed but I wouldn't count on it.

How will Les stand on this issue......stay tuned

 

[Riverskier]

When I was living in Maine there was a big push to allow a big casino developement in Sanford, a typical New England depressed mill town n th3e NH border. It divided the state, signs for both sides littered the roadways everywhere. They ended up doing a statewide referendum and it was soundly defeated.

A few years later National Penn, huge gaming company, somehow got the state to allow them to build a slot machine business in Bangor despite an outcry from every corner of the state. It took in 1m dollars the first day it opened. Recently NP built a huge hotel and expanded the slots business in Bangor. Is it a casino, depends on who you ask.

Oxford County has always been economically depressed, Other than the raceway they don't have alot of big companies offering jobs. It's been about 8 years since the Sanford casino defeat but maybe the times have changed enough that it will be allowed but I wouldn't count on it.

How will Les stand on this issue......stay tuned

The slot machine business in Bangor (Hollywood Slots) was approved through a statewide referendum the same year the referendum for the Sanford casino was defeated. I don't know the details of the bill, but it was designed to reinvigorate the harness racing industry in Maine by allowing racetracks to install a certain number of slot machines. However, the addition of slot machines still has to be approved by the municipality. The citizens of Bangor voted to allow this, but the citizens of Scarborough (home of Scarborough Downs) voted against it, multiple times.

Personally I am all for casinos in Maine. Anything that brings jobs and tourist dollars into the state.

 

[Mapnut]

I know nothing about Les Otten but I will say this:

*Sam Adams was a complete screw-up before the American Revolution. Despite having a Harvard education, he squandered his intelligence coasting along through life. Boston would have been better off without him as Tax Collector as he didn't even fulfill his duties at that, letting most people slide. Yet he led the Sons of Liberty and the rest...is history!

According to historical novelist Kenneth Roberts, Tories accused Sam Adams of promoting the Revolution so he could get out of his debts! Well, Les has already gotten out of his.

 

[severine]

According to historical novelist Kenneth Roberts, Tories accused Sam Adams of promoting the Revolution so he could get out of his debts! Well, Les has already gotten out of his.

He could blame them on the Tories for putting his father into ruin before he died.

I am not comparing Les Otten to these people, BTW. Just stating that sometimes, a person just needs another chance.

 

[ski_resort_observer]

Personally I am all for casinos in Maine. Anything that brings jobs and tourist dollars into the state.

That's how I voted. In addition the tourist related business along Maine's southern coast fought hard to defeat it in fear that their already challenging job every year of finding summer workers, foreign workers nonwithstanding, would be made harder as Sanford would attract alot of their labor market to work in the casino and related businesses as Sanford is not that far plus if the casino passed plans were made to upgrade Rt 111 making the drive from the southern coast to Sanford much easier.

 

[eastcoastpowderhound]

Plus, he didn't run ASC- if push comes to shove, he can blame it on private equity, though he'll ahve to be careful, since Maine has a decent sized PE portfolio.

He did run ASC...until they got so saddled by debt that HE brought in the PE guys, Oak Hill Capital, to bail them out...and then they needed a little more money and he gave up more control, next thing you know the COO becomes the CEO and the former CEO (Les) is out of the picture and goes off and licks his wounds. The managment team that took over after Les did a solid job of creating wealth and enhancing the value of their properties for the #1 preferred stock holders, Oak Hill. Steamboat alone sold for 3 times what Les paid for it...and that payback is what led to the eventual demise...they saw what the value of the resort properties was and realized that was the quickest way to get their money back. In the end, Les felt like he was screwed, Oak Hill felt like they lost money (while they did earn a return, it didn't exceed their hurdle rate) and anyone holding common stock got completely hosed. In the interim skiers got new lifts, snowmaking upgrades, and the best pass deal east of the mississippi.

Les is no Angus King.

 

[drjeff]

Bottomline now about Maine is they need someone to come in and think outside the box. A few of there past primary industries (timber/paper manufacturing, and defense) that employed a lot of folks aren't close to what they used to be(and likely not returning to those levels anytime soon, and lobstering and tourism can only go so far. I think that getting someone with some grand visions into office (and I think that we can all agree that Les Otten had some grand visions when it came to the ski industry) that aren't necessarily of the main stream political might be a good thing.

Heck, back in the day, before Les's grandiose take over the ski world and build 1/4 shares in every base area plan overextended ASC (remember it WAS Les that came up with the 1/4 share Grand Summit Hotel idea) he was one of the darlings of the business world and was the subject of a write up in the Harvard Business Review. The beauracracy of the political world would likely slow down some of his plans/ideas to the point where they might actually be able to work. Who knows!

 

[skidmarks]

So that's it?? More or Les

 

[Glenn]

Be careful what you wish for with casinos. They were supposed to solve all of our financials problems here in Flatneticut.....they haven't.

 

[severine]

Be careful what you wish for with casinos. They were supposed to solve all of our financials problems here in Flatneticut.....they haven't.

They do, however, provide a lot of funding that goes directly to the municipalities. I don't know all the details of the system and I'm in the opposite end of the state, but I have seen those figures. Every bit helps.

 

[skidmarks]

They do, however, provide a lot of funding that goes directly to the municipalities. I don't know all the details of the system and I'm in the opposite end of the state, but I have seen those figures. Every bit helps.

-

 

[drjeff]

Be careful what you wish for with casinos. They were supposed to solve all of our financials problems here in Flatneticut.....they haven't.

+1 !

The biggest general plus that the Casino's have brough to CT IMHO, is they have allowed basically all of SE CT to be marketed across the entire Northeast/East as a tourist destination on a year round basis(Casino's, Mystic Seaport, Beaches, etc) and that's been a good thing for the Eastern part of the state where I live. Maine could likely benefit from this year round marketing angle too. They draw people! I know about a year ago when Mass was really considering building a Casino in the Middleboro area, I heard this study on the news that said that almsot 2/3rds of the citizens of NH had been down to the CT Casino's in the previous 12 months, and living very close to one of the main highways that runs North to South to get to the Casinos (I-395), I believe that figure!

The $$ side, well just like essentially any gov't, once they get their hands on a bunch of $$ (and we're often talking 8 figure sums a month from slot revenue payments to the state), it doesn't always end up where it was intended to go. Plus, IMHO what should be happening (and isn't normally) is a slight bit of a disproportionate sum of the revenue should be going to the towns/cities immediately adjacent to the casinos to help them financially deal with all the extra costs associated with the influx of people (both to live and to visit) related to the casinos.

As an aside, while I'm NOT a gambler (queue up token old school Kenny Roger's song now ) I do enjoy having both of them less than 30 minutes from my house and using them for dinner and entertainment a couple of times a year with my wife! So for purely selfish reasons, I think that Casino's are great!

 

[skidmarks]

But more about Les.........