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Attorney General Announces Second Century Settlement

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October 23, 2014 — EAST CHICAGO (AP) — A document shows $3.9 million intended for economic development that came from East Chicago casino revenues went to pay a former Indiana Democratic chairman and his business partner.

Attorney General Greg Zoeller on Wednesday says a lawsuit settlement with the development firm Second Century Inc. pays the city $154,000. A side document shows Michael Pannos received nearly $2 million and partner Thomas Cappas got nearly $1.9 million between 1997 and 2008. Pannos chaired the Indiana Democratic Party in the late 1980s and early 1990s.

Pannos and Cappas invested in East Chicago’s Showboat casino that opened in 1997 and later took over Second Century, which received 0.75 percent of the casino’s annual profits.

Their attorney says Pannos and Cappas did nothing wrong and received their pay over 12 years.

[Photo: Ameristar Casino, East Chicago]

 

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