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Cudahy : Casino License Restored

November 27, 1986

An earlier City Council action revoking the operating license of Silver Saddle Casino owner Charles R. King has been set aside by a federal bankruptcy judge and the fledgling card club allowed to reopen with certain stipulations.

Judge Geraldine Mund ruled that King must pay the city 9% of all gross revenue on a weekly basis and must deposit $500,000 into a bank account to demonstrate a financial ability to operate the club.

Mund ordered that King pay the city a license fee of $10,000 in cash or by certified check by Jan. 12, and deposit the $500,000 by March 16.

Certain other stipulations were agreed to by the city, King and attorneys representing all parties, including a requirement that King must identify all of his investors so the city can make a credit check.

Failure to meet any condition of the judge's order will result in the automatic revocation of the license.

The council revoked King's license in September because he allegedly failed to live up to an agreement he signed after gambling was legalized in 1982.

The same month the license was revoked, a bankruptcy court petition was filed for King's Tanlo Inc. seeking protection against creditors.

Neither King nor his attorney, James L. Rosenberg, could be reached for comment. King had stated earlier that the five-table card club had been closed for several months for remodeling.

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