Canadian bankers banking on I-892

Since Tim Eyman places so much emphasis on following the money of campaign contributions, it is interesting to note once again that I-892’s biggest backer is Richmond B.C. based Great Canadian Gaming Corporation… to the tune of $210,000 (US) thus far. (That we know of.)

How important is I-892 to Great Canadian? Important enough that Canadian investment bankers are closely following the initiative.

How do I know? Web stats.

My web stats will sometimes show me the domains of visitors, and the search words they used to find my site. And lately I’ve noticed quite a few Canadian visitors, some clearly identifiable as financial institutions.

For example, today alone I’ve seen a number of visits from Toronto based TD Bank Financial Group, googling phrases like “initiative 892 latest poll” or “latest poll on washington state slots”.

TD Bank has a lot riding on this initiative. On September 30, 2004 they led a $150 million bond offering on behalf of Great Canadian, and agreed to provide an additional $100 million in credit. Some of that money will surely be used to finance Great Canadian’s plans to dominate the WA gambling market… and if I-892 passes, the return on investment will soar.

So if a Canadian bank with over CDN $300 billion in assets is following I-892 so closely, you get an idea of how profitable its passage would be for its corporate sponsors.


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    Josef spews:

    I have been following the Canadian financial papers, too.

    Like Bloomberg – see and “The funds will be used to repay existing debt, finance construction of casinos and renovate a horse-racing track”.

    Good catch. Methinks the Corporate Canadian invaders want to take over our initiative process. One of the things I tell people is that this could be a Pandora’s Box not for Washington State but the nation. Corporate Canada will percieve this as a green light to “play” in our states’ initiative process. I sure wish Michael Moore would do a DVD on it – even though half of it will be distortion. Oh, that’s right: Eyman’s all distortion.