December 7, 2013 |
The owners of Parx Casino, known for huge charitable donations, are fighting for a lower property-tax bill in Bensalem Township and have paid the taxes under protest for the last three years. The dispute could be significant for the Bensalem Township School District, which said last month in a bond-offering document that Parx, including the racetrack, was by far the largest taxpayer in the township, accounting for 8.4 percent of school district assessments. The total assessment for Parx, which is owned by Greenwood Gaming & Entertainment Inc., is $54.1 million.
November 27, 2013 |
DAN KEATING, a general in the army that casino developer Steve Wynn assembled to win a Philadelphia license, spent the late summer in an elaborate war room, waging a battle for public opinion. From the penthouse of the Phoenix building near City Hall, Keating invited reporters, neighborhood groups and elected officials to examine detailed exhibits ranking the six bids for the city's second casino license. Wynn Resorts, which proposed a sprawling development on 60 acres along the Delaware River in Fishtown, naturally won top marks from Keating, the man who was going to build it all. Market8, the 1.9-acre bid by developer Ken Goldenberg and a group of investors at 8th and Market streets, ranked last in every category, according to Keating, who built the SugarHouse casino in Fishtown and has been involved in casino projects around the state and country.
November 22, 2013 |
Ira Lubert's Valley Forge Casino Resort was fined $200,000 Wednesday by the Pennsylvania Gaming Control Board for violating rules on special offers to attract customers. The fine was the biggest single one yet levied by the board. The hearing in Harrisburg included a testy statement by board chairman William H. Ryan, who accused Valley Forge of intentionally violating regulations to get around the rules governing the type of casino operated by Lubert, a venture capitalist and real-estate investor.
November 21, 2013 |
AT FIRST, Patricia Coulter, president and CEO of the Urban League of Philadelphia, wasn't sure her organization was "a good fit" as far as supporting the Market8 casino project. "I told Ken Goldenberg [principal of the Goldenberg Group] that we are about teaching black people to save their money, not spend it," she said. But yesterday, Coulter joined a group of African-American leaders who endorsed the Market8 project, one of five applicants for the city's second casino license.
November 16, 2013 |
Backers of Casino Revolution in South Philadelphia on Thursday said an economic impact study failed to take into account two key financial advantages of their proposal for the corner of Front Street and Pattison Avenue. If PHL Local Gaming L.L.C. were to win the city's second casino license, it could open six months earlier than competitors because it has an existing building where it will install slot machines and has the space to expand from 2,400 slot machines at opening to the full 5,000 allowed by law, company officials said.
November 14, 2013 |
Atlantic City casinos won $216.9 million from gamblers in October, a 3.6 percent gain over the same period a year ago, when casinos were ordered shut for a day because of Hurricane Sandy. During the first ten months of this year, the city's casinos won $2.4 billion, down 8.4 percent from the same period of 2012. Only three of the 12 casinos in Atlantic City have recorded year-to-date gains. Those are Borgata, Atlantic Club, and Revel, which began test operations on March 28, 2012.
November 13, 2013 |
Las Vegas casino magnate Steve Wynn abruptly dropped his bid Monday to win Philadelphia's second casino license. Wynn Resorts Ltd. said it withdrew its application in Philadelphia - touted recently as part of an effort to bring grand urban hotels back to life - to pursue business opportunities elsewhere. "The board took a host of factors into consideration, including the Philadelphia market performance over the past year and the competition which will result from the recent approval of gaming" in New York last week, the company said in a statement.
November 11, 2013 |
In its bid for Philadelphia's second casino license, Penn National Gaming Inc. has proposed an ownership structure that would steer two-thirds of the profits to schools and the city's woefully underfunded pension fund. In Maryland's Prince George's County, Penn National has gone further, promising 100 percent of profits to an educators' retirement plan and a neighborhood health network. Playing a key part in both of those proposals is a new company that Penn National spun off to shareholders on a tax-free basis effective Nov. 1. Penn National is not in the Philly 50 but is based nearby, in Wyomissing, Pa. The spin-off is Gaming & Leisure Properties Inc., a real estate investment trust that has assumed ownership of the real estate associated with most of Penn National's casinos.
November 8, 2013 |
ATLANTIC CITY - Talk about shuffling the deck. In an unexpected outcome, voters replaced two-term incumbent and Gov. Christie foe Mayor Lorenzo Langford with an openly gay Republican who rides a bicycle to work and whose current job is with the state board that oversees the governor's Tourism District. "Atlantic City is amazing at how it reinvents itself," Mayor-elect Don Guardian said Wednesday in a bit of understatement to supporters and media at his Atlantic Avenue headquarters.
November 8, 2013 |
Voter approval Tuesday of a constitutional amendment in New York authorizing seven full-scale casinos means Pennsylvania will be boxed in by states determined to keep gambling taxes at home. New York already has had Native American-run casinos and slot machines at racetracks since 2004, the year Pennsylvania legalized casino gambling. But Gov. Andrew Cuomo is aiming for a bigger pot than the $823 million in gambling money the state won last year. "[The] vote by New Yorkers to authorize casino gaming will keep hundreds of millions of dollars spent each year in neighboring states right here in New York," Cuomo said Wednesday in detailing how an expected $430 million in new gambling revenue will be distributed regionally.