Briefs: Creighton profs publish book on impact of casino gambling

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OMAHA — The public debate over the economic impact of casino gambling is explored in a new book, “Governing Fortune: Casino Gambling in America” authored by Edward Morse professor of law at Creighton University, and and Ernie Goss, professor of economics at Creighton, has just been released by the University of Michigan Press.

The book explores the legal and economic environment of casino gambling in the United States. Professors Morse and Goss offer insights to those wrestling with the policy dilemmas presented by legalized gambling.

The book begins with a brief look at the history of gambling and then explores casino growth, including both commercial and tribal casinos. It also explores the costs and benefits of legalized casino gambling, and some of the conclusions are surprising. For example, casinos appear to create jobs but not growth in personal income, the book says, and while casinos provide new sources for tax collections, their impact on tax relief is dubious.

“Governing Fortune” provides analysis of the regulatory structures applied to casino enterprises, including a critique of the government responses to problem gambling behaviors. A separate chapter on Internet gambling explores new challenges to governments in the electronic frontier.

Published by the University of Michigan Press, the book is available at www.press.umich.edu/ and www.amazon.com

Applebee’s under fire from major shareholderKANSAS CITY, Mo. — A major shareholder of Applebee’s International Inc. ratcheted up its looming proxy fight with the restaurant operator Thursday, filing documents that ask fellow investors to elect their own slate of directors at the company’s annual meeting.

In a filing with the Securities and Exchange Commission, hedge fund Breeden Capital provided preliminary proxy materials nominating replacements for the four board members up for re-election to the Overland Park, Kan.-based company’s 12-member board.

Breeden, which owns 5.42 percent of the company’s shares and is operated by former SEC Chairman Richard Breeden, said its nominees would point the huge but troubled restaurant chain in the right direction.

The fund is nominating Breeden, fellow fund partner Steven Quamme, attorney Laurence Harris and Raymond Seitz, non-executive chairman of Sun-Times Media Group Inc.

An Applebee’s spokeswoman didn’t immediately return a phone call seeking comment.

Applebee’s has struggled for the past year as fuel prices and other economic obstacles have cut into its customer base, leading to lower same-store sales and earnings.

Good economic news on spending, construction

WASHINGTON — Consumers spent more in February while construction spending rose by the largest amount in 11 months, the government said Friday, in reports that should dispel some of the concerns about the health of the economy.

The Commerce Department reported that consumer spending, bolstered by strong income gains, was up 0.6 percent last month, the best showing since December. Personal income also rose by 0.6 percent. Both figures were double what analysts had expected.

In a separate report, the department said that construction spending rose by 0.3 percent last month, the best showing since a 1 percent jump in March 2006. Until the February increase, construction had either fallen or had been flat since the big rise last March.

Strong gains in construction of hotels, shopping centers and state and local government projects offset the 11th consecutive decline in residential construction.

The increase in construction was a surprise. Economists had expected the continued weakness in housing to result in a 0.4 percent overall decline.

The strength in consumer incomes and spending and construction should help to alleviate recession fears that have been growing because of a deeper-than-expected slump in housing and troubles in the domestic auto industry.

--From staff and wire reports