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David A said:
I am not happy to learn of any business failure, but I do hope this may put a stop to the current bad idea of moving the casino to Edmonton.

Casino funds should benefit the community they are in period. I also wonder if there was political pressure on AGLC to make a bad decision in this case.
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I think it might be an administrative failure. The article specifies a range of documents that Mayfield failed to produce, and that they haven't been repaying a 2.5M loan since COVID.

I wonder if the person handling the loan quit, and no one picked up the responsibility.
 
Speaking of Failed casino. One that I am surprised is still open is St Alberts. In fact it looks to be adding and renovating.
 
policyenthusiast said:
Jesus Christ. "For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo, according to the province."

The Province just unilaterally took control of public sector pensions.
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"The province's statement says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns."

The government also pointed to "significant" increases in operating costs, management fees and staffing without corresponding return on investment."

And all of Alberta's Teachers say "We told you so!"
 
SarcasticMarmot said:
"The province's statement says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns."

The government also pointed to "significant" increases in operating costs, management fees and staffing without corresponding return on investment."

And all of Alberta's Teachers say "We told you so!"
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globalnews.ca

Alberta government fires AIMCo board citing rising costs, poor performance | Globalnews.ca

Finance Minister Nate Horner said the reason is poor performance, with rising staffing and management fees coupled with a consistent failure to meet mandated benchmark returns.
globalnews.ca globalnews.ca

The province said that from 2019 to 2023, AIMCo’s third-party management fees have increased by 96 per cent, the number of employees increased by 29 per cent and wage and benefit costs increased by 71 per cent.

These costs all increased, it said, while AIMCo managed a smaller percentage of funds internally.
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The UCP took over the province in 2019. I'm sure they'll grasp at straws to place the blame on the NDP.
 
SarcasticMarmot said:
"The province's statement says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns."

The government also pointed to "significant" increases in operating costs, management fees and staffing without corresponding return on investment."

And all of Alberta's Teachers say "We told you so!"
Click to expand...
Oh sure.....one of C**T faces little minions with a BA in Flute knows more about managing $160B than reputable bankers......for the love of GAWD - someone put a straight jacket on her.
 
Are these the Chem trails ‘Ol Smitty says the US military is spreading on the good folk of Alberta? Maybe she’s got some pull and can investigate?
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