Now that the dust has settled on the first phase of the scramble for a regional casino licence, it is perhaps a good time to reflect on what the Casino Advisory Panel has concluded.

For those not up with the plot, Sunderland, Middlesbrough and Newcastle all bid - along with dozens of other towns and cities - for the single licence which will allow a Vegas-style supercasino to be built in Britain.

I won't go into the full mathematics, but suffice to say such a licence would be regarded as a golden goose providing a massive and continuous economic boost to the fortunate winner.

The body tasked with deciding who should get the golden ticket is the Casino Advisory Panel and they have whittled the applicants down to a shortlist of eight.

From this region, Newcastle was selected.

While Middlesbrough is naturally disappointed, it is clear from the eight places selected that the Panel has gone for major cities, the only exception being Blackpool, which everyone expected to be included because of its unique entertainment profile.

I commend the Panel for the way they have carried out their deliberations and congratulate Newcastle on making the shortlist.

I'm also delighted that out of the 67 applications, Middlesbrough has made the shortlist for one of the eight "large" casino licences up for grabs. It's not precisely clear how many are on this shortlist, but it will be about 25.

A "large" casino will have a floor space of up to 5,000 square metres - dwarfing anything currently in operation in the UK.

While it will not bring the added investment a supercasino will trigger, it will still bring an appreciable economic boost to a town or city and should also stimulate further development.

The only other area in the North-East in the running for a large casino is South Tyneside.

So, if it were a simple draw, there is a one in eight chance that Newcastle will secure a regional casino and a one in three chance that Middlesbrough will secure a large casino.

Of course, it isn't a simple draw. Each town or city must now make its case in detail and the Casino Advisory Panel will make its decisions.

Naturally, I wish Newcastle well. But if they do not secure the single supercasino licence available and Middlesbrough secures a large casino licence then it is the South of the region that will have hit the jackpot.

If the regional casino licence goes to Cardiff or Glasgow we would have the joint largest casino in England.

If it goes to Brent or Greenwich then we would have the joint largest casino outside London.

If it goes to Blackpool, Manchester or Sheffield we have the largest casino in the North-East.

In short, I believe Middlesbrough and the Tees Valley still has everything to play for.

Already I have had developers expressing serious interest and they are sympathetic to the stringent list of safeguards we would expect.

Rather than being downbeat I will be urging a re-doubling of efforts to secure a large casino licence and I am confident we can succeed.