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Missourians for Fair Business Practices Coalition is advocating for the benefits of a legal and regulated Video Lottery system in Missouri. Our organization represents over 200 retail locations, with over 5,000 employees and over $1 billion in investments in our state.
I would like to introduce myself and our team leaders:
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Dena Ladd is our government relations director / lobbyist. She has more than twenty years of experience in public policy and community affairs. Dena has lobbied for issues that have both local and national impact. She has used her experience to advocate in Washington D.C. and in Missouri for medical research, health care, cannabis, and law enforcement.
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Tom Parsons is a business owner and entrepreneur. He has been working with the Missouri legislators for many years to try and regulate Video Lottery Terminals. Tom has owned and operated several convenience stores, an Illinois regulated Video Lottery Terminal company and other Missouri businesses. Paul Ringelestein will serve as Secretary of the coalition. Denise Schaaf will act as the treasurer of the coalition.
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Ken Goins is an accomplished attorney currently employed with FKG (Moto Mart). Ken has many years’ experience with legal work and working with legislators in the St Louis metro area, helping achieve fair balanced cohesiveness.
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Lynn Wallis, Wallis Oil Company
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Tahaney Jabber, COO of Gas Mart
Why do we want regulated Video Lottery Terminal legislation?
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Are the current unregulated gaming machines legal (gray games)? Do you know that the decision of whether gray machines are legal will be held up in the Missouri Supreme Court or a Federal court? Some think it is legal, while others are doing everything they can to criminalize the current gray machines. Cities like Springfield have banned the unregulated gray machines. Counties like St. Louis are also looking at banning gray machines. Casinos and other groups are trying to end the unregulated gaming that is currently in place. We don't want a ban to happen without regulated Video Lottery Terminal legislation in place. We don't want anyone to lose their current income from a ban on the existing gray machines without the guarantee of similar income generated from regulated Video Lottery Terminals. The state and local municipalities will benefit from regulated machines.
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What is your business worth today? If you are operating unregulated gray machines, what is your annual income from the machines? Unfortunately, this income most likely will not be fully valued if you decide to sell. Most buyers know that the legality of these machines is not measurable. If your site is selling, for example, at 7 times EBITDA, you could possibly get only 1 or 2 years of EBITDA from the unregulated gray machine's. If you are earning $250,000.00 per year on the unregulated gray machines you could be leaving over $1,000,000.00 off your sale price. In Illinois, which has a regulated Video Lottery Terminal market, convenience store owners are achieving 100% of their gaming income when valuing their businesses net worth. This alone has greatly benefited the value of convenience stores in Illinois with regulated gaming.
These are two powerful reasons to support regulated Video Lottery Terminal legislation.
Please help by joining our coalition.
Sincerely,
Tom Parsons
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