Texas businessman pulls Ark. casino, lottery proposal

Friday, June 23, 2006 posted 11:33 AM EDT

LITTLE ROCK -- A Texas businessman has ended his bid to bring casino gambling and a lottery to Arkansas but said Thursday he may eventually renew his efforts.

Arkansas Resorts and Hotels Inc. owner Michael Wasserman of Gainesville, Texas, said he halted the process of gathering the 80,570 signatures needed to get his proposal on this year's Nov. 7 ballot because of his sister's death from a heart attack last month.

"For personal reasons, I just can't continue right now," Wasserman said.

In March, the attorney general's office certified language for Wasserman's proposed ballot title, and the businessman was in the process of gathering the signatures needed.

The proposal included building and operating casinos in Boone, Crittenden, Garland, Jefferson, Miller, Pulaski and Sebastian counties. It also would create a statewide lottery.

Wasserman said he had gathered at least 78,000 signatures and was confident he could have gathered more than enough to put the proposal before voters.

He had hoped to gather between 120,000 and 130,000.

In April, Wasserman struck a deal with the Arkansas AFL-CIO, which agreed to help collect signatures after Wasserman pledged to use union labor in building the casinos.

The proposal would have created the Arkansas Gaming Commission, whose members would be appointed by the governor, to establish and operate a state lottery. The commission would also audit the casinos.

Under the deal, at least 45 percent of the lottery revenue would have gone toward a trust fund for education and 50 percent of the revenue would go toward prizes.

The trust fund would provide college scholarships and to expand pre-kindergarten programs and tutoring programs.

Wasserman said the casino's construction would have created at least 19,000 jobs in the state.

He said he hopes to regroup next year and doesn't think pulling the measure will hurt future efforts.

"We'll make this happen for Arkansas," he said. "I do have a commitment to this financial transformation here. I'm sorry I can't complete it right now."

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