Vikings to Plot of Land East of Metrodome II -- Hey Man, Pull My Pulltab Redux

A few days back we learned that the plan to finance the state's "portion" of the Vikings stadium would be to use electronic pulltabs. I know it's bad form to quote your own work, but at the time I said this:

So in other words, we once again are relying on projections from our old friend Rosy Scenario.

Yesterday, we learned that, as always, Rosy Scenario is likely to be a no-show:

Standing with State Revenue Commissioner Myron Frans, Dayton said that allowing electronic bingo and pulltabs in the state's bars and restaurants would produce $62.5 million annually to finance the state's total $398 million stadium contribution.

That figure is $10 million a year less than a previous calculation. It was revised to satisfy charitable gambling officials who want tax relief for their industry as part of any Vikings stadium deal. "We feel confident that this is a revenue stream that we can rely on" for the stadium, Frans said.

And even that figure might be Rosy, but we'll leave that aside. The larger point is that there is no Plan B:

Frans said he was confident about this latest pulltab revenue estimate, but conceded that if electronic bingo and pulltabs failed to generate enough money, the state would have to look at a backup plan more directly supported by state money. "That's something we'll have to look at," said Frans.

State officials said that while $38 million to $40 million a year would be needed for debt service on stadium borrowing, bond houses might require twice as much because gambling is seen as an unstable funding source.

"That's something we'll have to look at" really means, "uh, we have no idea." How do I know this? In addition to the news conference that the Star Tribune article references, Dayton made the rounds of local radio shows. I heard Dayton's interview with KFAN's Dan Barreiro on my drive home yesterday. While I can't find a transcript of the conversation, Barreiro asked Dayton directly if there was a Plan B and Dayton admitted there wasn't. You can listen to the interview here.

So what happens if the funding source is vapor, as it appears to be? Cue Dave Senjem:

"If the electronic pulltabs just [don't] work why, then, no one can probably vote for it," said Senate Majority Leader David Senjem after his Friday meeting with Dayton. "We have to be assured there's a financing mechanism that works," the Rochester Republican said.

On whether the Vikings stadium legislation would pass the Legislature this spring, Senjem said: "We'll do the best we can. If it's not good enough, why, we'll have to, I suppose, set it aside and [do it] at a different time."

And of course, the money that Minneapolis is supposed to pony up won't likely be forthcoming, either.

It's been a fine run of kabuki theater for the past year and it's been very good for business on this blog, but after a while it's time to face reality. The stadium only gets built if one of two things happen.

1) Zygi Wilf pays for it himself. And he won't.
2) The state bites down hard and votes to pay for it out of state revenues. That's likely a non-starter, but it would be far more honest if the various politicians who have been spinning like Iranian centrifuges on the matter would just admit that's what it is going to take.