April 3, 2015 |
Pennsylvania Attorney General Kathleen Kane quashed key subpoenas in a move that aides said undermined an investigation of a former state gaming official with ties to Louis DeNaples, a politically connected Scranton-area millionaire, The Inquirer has learned. Just months after taking office in 2013, according to people familiar with the matter, Kane revoked subpoenas already delivered to former casino owner DeNaples and William Conaboy, another political power player in Northeastern Pennsylvania, Kane's home turf.
April 2, 2015 |
ATLANTIC CITY - With legislation to end casino tax appeals and stabilize this city's finances languishing in Trenton, Borgata and others confirmed that they have filed, or will file, petitions to appeal their 2015 property-tax assessments to meet Wednesday's 5 p.m. deadline. Successful tax appeals by the casinos have cost the city nearly $400 million in refunds since 2007, which has depleted municipal coffers and put the city in dire financial straits. Most of the refunds are being repaid with borrowed money.
April 1, 2015 |
Penn National Gaming Inc. said Monday that it wants to withdraw as operator of a proposed $225 million casino in Lawrence County, north of Pittsburgh, that is backed by Philadelphia-area investors. "We are disappointed to be withdrawing from this project," B.J. Fair, chief development officer for Penn National Gaming, said in a statement. "However, given the continued softness in the economy and the level of market saturation - not just in Western Pennsylvania, but across the commonwealth - we are regrettably unable to justify this investment at the statutorily required spending levels," he said.
March 26, 2015 |
Appeals to the Pennsylvania Supreme Court of the Pennsylvania Gaming Control Board's November decision to award Philadelphia's second casino license to Live! Hotel & Casino in South Philadelphia moved forward Monday. The court denied a motion by SugarHouse Casino to force the Gaming Board to engage in further fact finding and also set May 4 as the deadline for Market East Associates L.P., PHL Local Gaming L.L.C., and Sugarhouse HSP Gaming L.P. to file briefs explaining why they believe the board's decision should be overturned The gaming regulators then have 30 days to respond.
March 23, 2015 |
ATLANTIC CITY - Al Callejas had a quick explanation for how he was able to top a field of 750 competitors in Borgata's free-throw contest Saturday. "I'm a coach's son. I've had a ball in my hands since I was 3 years old," Callejas, 37, of Archbald, Pa., said after winning the grand prize of $10,220 with his score of 16 in the final round - the first-grade teacher's own bit of March Madness. Answering the question of whether the tournament was a winner for Borgata would take longer, because it depended on how many of the participants and their friends spent money gambling, eating out, or staying at the hotel.
March 17, 2015 |
A hearing Monday on the sale of Atlantic City's defunct Revel Casino Hotel has been postponed by consent of all parties. The hearing was scheduled to challenge a U.S. Bankruptcy Court ruling Friday that blocked sale of the building, which closed in September, to Florida developer Glenn Straub for $82 million. The Monday hearing would have also addressed whether power to the building could be shut off due to unpaid bills. ACR Energy Partners spent about $160 million constructing Revel's central utility plant, resulting in $118.6 million in municipal bond debt.
March 15, 2015 |
ATLANTIC CITY - The casino union that represents about 1,100 workers at the struggling Trump Taj Mahal picked up Friday where it left off last fall. Members of Unite Here Local 54 were back outside the casino, which had emerged from bankruptcy the day before, chanting and holding signs to protest what the union calls the continued stripping down of worker rights and benefits by the casino's new billionaire owner, Carl Icahn. Local 54 president Bob McDevitt said at the protest that the union representing about 10,000 casino workers in the city continues to appeal the ruling by a federal bankruptcy judge that nullified the contract between the union and Trump Entertainment Resorts Inc., which owns the Taj Mahal and the shuttered Trump Plaza.
March 14, 2015 |
It's been nearly two years since a group of Philadelphia-area investors led by insurance executive Manuel Stamatakis and Penn National Gaming Inc. applied for a slots license at a harness-racing track in western Pennsylvania. Yet Pennsylvania Gaming Control Board officials are still waiting for information needed to complete their investigation of Endeka Entertainment L.P., Gaming Board chairman William H. Ryan Jr. said Thursday at a budget hearing in Harrisburg. "I will also tell you that the board is hopeful that we can make a decision by the end of this calendar year," Ryan said in response to a question from Michael H. O'Brien (D., Phila.)
March 11, 2015 |
Shares in Gaming & Leisure Properties Inc. climbed $4.06, or 12.5 percent, after the Wyomissing, Pa., company announced a hostile, $4.1 billion offer for the real estate holdings of Pinnacle Entertainment Inc., a Las Vegas casino company. It was the biggest one-day gain for Gaming & Leisure Properties since the real estate investment trust was spun off from Penn National Gaming Inc. in the fall of 2013 to own most of Penn National's real estate. The stock closed at $36.43. Pinnacle owns 15 casinos and announced last fall that its board had decided to split into two companies, one to own its real estate and one to operate its casinos.
March 10, 2015 |
ATLANTIC CITY - A measure aimed at stabilizing this city's taxes has stalled in the Statehouse, just three weeks before a deadline for the casinos to challenge their assessed value in a shrinking gaming market, leaving embattled Atlantic City Mayor Don Guardian caught between two of the state's most powerful politicians. Gov. Christie and Senate President Stephen Sweeney (D., Gloucester) are at odds over the fate of an Atlantic City tax relief plan, formally known as the Casino Property Taxation Stabilization Act, that Sweeney sponsored.