The Post's Kevin Thompson on the failing Lake Worth Casino complex

Here's the link to the article in the Palm Beach Post. It's important to understand that the City Commission meeting on 10/22 had nothing to do with all the myriad structural failings at the Casino complex. The meeting only had to do with finances and that is all. A meeting to deal with the structural failings and functionality of the complex, of which there are many, will come later.

Here is an excerpt from the article in the Post:

     For fiscal year 2016, the city projects the property will be $152,999 in the red after it pays back $488,000 on the loan.
     There was some discussion about extending the term of the loan from 12 to 14 years, but Mayor Pam Triolo didn’t appear too keen on that idea.
     “We need to ask people, is it OK not to pay back our debts,” she said. “The flexibility is what makes me uncomfortable … and the going back and forth. It sets a poor tone.”
     [Vice Mayor Scott] Maxwell took exception that money generated from parking rate increases has been the main revenue source for paying back the loan.
     “Parking was never intended to pay back that note,” he said. “We haven’t paid back what we said we were going to pay back.” [emphasis added]

"That note" Vice Mayor Maxwell refers to are the $500,000 loan payments that were promised to be repaid; those payments have fallen well behind schedule. The parking lot is the only successful part of the Casino complex as far as revenue to the City is concerned. The 'renovated' Casino structure is financially unsustainable and so is the municipal pool.

The future meeting to discuss these issues couldn't be scheduled soon enough.