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1. Milton McGregor - the Alabama gambling magnate who owned the Birmingham Race Course and VictoryLand casino - has died, according to his public relations firm. McGregor, 78, Montgomery.
2. Having said all that, casino hotels in Milton are a good choice: loads of visitors were thoroughly impressed with their digs. So, it should be no surprise visitors return time and again, and the locals will treat you like family. In Milton, you won't have an issue finding entertaining things to do during your downtime.

CONTACT Elements Casino Mohawk 9430 Guelph Line, Milton, ON, L0P 1B0 t. (905) 854-4053 toll free 1-(800) 732-2230 Contact Community gcgc careers privacy ACCESSIBILITY CODE OF CONDUCT. Chicago Casino & Poker Rentals, Casino Party Planning is located approximately 52 miles from Milton. Regarded as one of the best Casinos in Milton area, Chicago Casino & Poker Rentals, Casino Party Planning is located at 27 N Wacker Dr Ste 248. Their current phone number is (847) 829-4513.

VictoryLand is a greyhound track, casino, and hotel in Shorter, Alabama.

Facilities[edit]

Greyhound racing track[edit]

The 1,230-foot greyhound racing track operated for 27 years but live racing came to an end in 2011. Victoryland still offers simulcasts and wagering for both greyhound and thoroughbred races elsewhere.^[1]

Quincy's 777 casino[edit]

VictoryLand is home to Quincy's 777, a casino, and used to be home to over 7,000 different slot machines.^[2] Before its closure, Quincy's 777 was the largest electronic bingo casino in the state.^[3]

Oasis Hotel[edit]

The Oasis Hotel, was a 300-room hotel which was built on the VictoryLand property, and opened on November 1, 2009. It was closed on August 12, 2010 and has not reopened since that time. The hotel had a fine-dining restaurant called Whitfield's Steakhouse, O's Lobby Bar, and the O Brew cafe'.^[4]

History[edit]

On August 12, 2010, VictoryLand closed its casino, restaurant and hotel operations. The restaurant and hotel operations remain closed as of 2020.

On October 4, 2010, VictoryLand owner Milton McGregor was arrested along with 10 state senators and lobbyists after a federal probe relating to the improprieties of state gambling legislation. McGregor was charged with one count of conspiracy, 6 counts of bribery and 11 counts of honest services fraud.^[5][6][7] He was acquitted on all counts in March 2012.^[8] The casino floor was reopened in December 2012, over the objection of Attorney General Luther Strange, who argued that VictoryLand's electronic bingo machines were illegal slot machines.^[9]

On June 25, 2015, Judge William Shashy dismissed the civil forfeiture case against Victoryland brought after the Attorney General Luther Strange's office executed a search warrant in 2013 seizing $263,106 in cash and 1,615 gaming machines. Judge Shashy said 'The state could not and did not offer any substantive reason why it permitted this state of affairs to continue at other facilities, while taking its present stance against the same operations at Victoryland…The propriety of the State of Alabama electing to currently pursue action against only one facility is of great concern. It is apparent at the present time that the State of Alabama is cherrypicking which facilities should remain open or closed. This Court refuses to be used an instrument to perpetuate unfair treatment,' This gave Victoryland the right to re-open with full operations able to resume.^[10]

VictoryLand reopened September 14, 2016 with 502 gaming machines on the casino floor.^[11]

References[edit]

1. ^'VictoryLand'. www.victoryland.com. Retrieved 2016-10-14.
2. ^List of Quincy's 777 gamesArchived August 25, 2009, at the Wayback Machine
3. ^'Archived copy'. Archived from the original on October 25, 2012. Retrieved October 4, 2010.CS1 maint: archived copy as title (link)
4. ^[1]
5. ^[2]
6. ^[3]
7. ^[4]
8. ^Chandler, Kim (March 8, 2012). 'Milton McGregor, 5 others acquitted in Alabama gambling trial'. Birmingham News. Retrieved 2012-12-19.
9. ^Chandler, Kim (December 18, 2012). 'VictoryLand open for business again'. Birmingham News. Retrieved 2012-12-19.
10. ^Horton, Jennifer (25 June 2015). 'Appeal filed after forfeiture case against Victoryland dismissed'. WSFA.
11. ^Moon, Josh (September 14, 2016). ''Victoryland reopens to large crowd''. Montgomery Advertiser.

External links[edit]

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In common parlance, the term casino capitalism refers to the unregulated excesses associated with the “boom and bust” cycles of large speculative ventures, such as Enron. Its origins in the literature probably lie with John Maynard Keynes (1883–1946) and his famous General Theory of Employment, Interest, and Money, first published in 1936. In this vigorous attack on the classical and neoclassical economics that was predominant at Cambridge in the 1930s, Keynes refers to the “casino capitalism” embodied in the winning and losing of fortunes on the stock market. Keynes had already spoken in the 1920s of the immoral and insidious influence of an economy freed from restraint, believing that unfettered greed would create a wave of social problems. In chapter 12 of the General Theory, Keynes refers to casinos twice, first when he comments:

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. The measure of success attained by Wall Street, regarded as an institution of which the proper social purpose is to direct new investment into the most profitable channels in terms of future yield, cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism. (Keynes 1936, p. 159)

Later in the same chapter, Keynes comments:

It is usually agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges. That the sins of the London Stock Exchange are less than those of Wall Street may be due, not so much to differences in national character, as to the fact that to the average Englishman Throgmorton Street is, compared with Wall Street to the average American, inaccessible and very expensive. (Keynes 1936, p. 159)

In her 1986 book Casino Capitalism, British economist Susan Strange (1923–1998) comments: “The Western financial system is rapidly coming to resemble nothing as much as a vast casino.” Strange argues that, between about 1965 and 1985, considerable increases in risk and uncertainty in economic markets gave rise to substantial social and political disruptions in the global system. She links these changes to five major trends: (1) innovations in the way financial markets operate; (2) the increased scope of markets; (3) the shift from commercial to investment banking; (4) the rise of the Asian investment markets; and (5) the removal of government regulation from banking. Strange argues for increased regulation and more substantial American leadership, which she believes is required because of the predominant role of the United States in the world markets. Coming as it did during the period of Reaganomics, her advice fell on deaf ears.

The term casino capitalism also appears in the work of Irving Fisher (1867–1947) and Hyman Minsky (1919–1996). Fisher, along with others in the 1930s, was faced with the problem of explaining the tragedy of the Great Depression. The common view among economists of this era, of whom Keynes may be representative, was that financial markets were like casinos, rather than “markets” in the usual sense of the word, and that these speculations contributed mightily to the social ills of the day. Fisher, along with John Burr Williams (1900–1989) and Benjamin Graham (1894–1976), claimed that the casino metaphor was misplaced. Instead, they argued that the asset prices of financial assets reflected “intrinsic value,” which in turn could be calculated by deciding the total value of dividends likely to be produced in the future.

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As with the work of Strange, who found value in the ideas associated with the term casino capitalism, Minsky contributed to an analysis of uncertainty in markets. Minsky is famous for proposing the financial instability hypothesis, which argues that most forms of capitalism tend toward instability. He supported long-term large-scale economies with decided government intervention. Dimitri Papadimitriou and L. Randall Wray (1998) argue that Minsky’s work, in this way, is best labeled post-Keynesian because he attempted to set out the precise institutional means by which the casino system might be better regulated, whereas Keynes made only the most general of comments. In all these cases, the notion that capitalism is essentially speculative and little more than a system of big and small bets in a grand game of chance is at work, and most of the writings around this topic focus on ways to make this irrational system more susceptible to reason and stability.

SEE ALSOBeauty Contest Metaphor; Business Cycles, Empirical Literature; Business Cycles, Political; Business Cycles, Real; Business Cycles, Theories; Economic Crises; Economics, Post Keynesian; Financial Instability Hypothesis; Financial Markets; Fisher, Irving; Keynes, John Maynard; Minsky, Hyman; Speculation; Stock Exchanges

BIBLIOGRAPHY

Keynes, John Maynard. 1936. The General Theory of Employment, Interest, and Money. New York: Harcourt.

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Papadimitriou, Dimitri B., and L. Randall Wray. 1998. The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform. Review of Political Economy 10 (2): 199–225.

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Strange, Susan. [1986] 1997. Casino Capitalism. Manchester, U.K.: Manchester University Press.

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Christopher Wilkes