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Terra Goodnight · July 13, 2011

Double-Dealing by Ohio’s Casino Consultants?

Today, Innovation Ohio alerted Ohio’s press corps to a potentially troubling linkage between Moelis & Co., the New York-based consulting company, hired by John Kasich to negotiate with casinos, and one of the two casino owners, Penn National. We find that in 2009, Moelis worked for another client who agreed to pay them more if they could secure a deal with Penn. Given that the Governor’s agreement with Moelis had Ohio taxpayers compensating them with a bonus of up to $13 million if they could reach a deal with Penn, we believe the two companies’ prior relationship, and whether it was disclosed to the State of Ohio merits further exploration. Read the press release. Read the 2009 Moelis engagement letter.

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