The old saying is that a fool and his money are soon parted.
But I’m not saying Floyd Joy Mayweather Jr. is a fool and I’m not saying he can kiss a fond farewell to $4 million he invested plus $1 million expected in interest on an Alabama electronic bingo parlor.
What am I saying is that I wonder if Mayweather was ever properly advised of the political risks inherent in his hefty investment with country music promoter Ronnie Gilley and his Cross Country gambling complex in Dothan, Alabama.
In a way this venture makes sense for the undefeated pro boxer/millionaire. Floyd’s passion for betting on sports event, quite legally, in hometown Las Vegas is well known, something he talks about freely.
Living in Vegas it’s hard not to spend a lot of time if not money in the hotel-casinos so maybe Mayweather got the urge to get on the side of “the house” in terms of gambling.
Investment of $4 million into electronic bingo complex in ‘Bama may seem like small potatoes as Mayweather reportedly cashed a check for $22 million after beating the ancient one, Sugar Shane Mosley, on May (Jae C. Hong/Associated Press Photo)
Mayweather’s $4 million plus the hefty $1 million in interest was due and payable back to the boxer on June 21 but Gilley acknowledged that it could not be repaid then and signed a bond anticipation note which should fully repay the fighter in May of 2011.
The bingo parlor has been caught in a politial crosswind, a debate over whether to expand or contrat state sanctioned gambling.
The incumbent governor Riley has sent state troopers to the bingo business and that certainly curtailed the betting action.
But the governor is a lame duck and Democrat Ron Sparks is fighting Republican Robert Bentley for that post.
Mayweather, not to mention Gilley, should be rooting for Sparks as he is in favor of the expansion of gambling in Alabama. Bentley is more cautious and calls for a statewide referendum on the issue.
Gilley is a major player in the country music field and numbers icon George Jones among his Nashville friends.
Gilley stages the three day BamaJam music fest each year and Mayweather crony and actor-singer Jamie Foxx also seems to be involved with some of Gilley’s enterprises.
What’s next, Mayweather and his pal Fitty Cent rapping at the Grand Ole Opry?
ABOUT RONNIE GILLEY ENTERTAINMENT
Ronnie Gilley Entertainment, a division of Ronnie Gilley Properties, is a full service entertainment company located in Enterprise, Alabama. RGE is active in all facets of the entertainment industry, including recording/engineering, music publishing and artist management/promotion.
RGE’s music interests include Stroudavarious Records, Country Crossing Records and BamaJam Records. The company produces the annual Verizon Wireless BamaJam Music and Arts Festival, and is the developer of the country themed Country Crossing destination resort near Dothan, Alabama.
For more information, visit www.ronniegilleyproperties.com