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BUSINESS
November 21, 2014 | By Harold Brubaker, Inquirer Staff Writer
Valley Forge Casino Resort has had a tough time before the Pennsylvania Gaming Control Board in the last 12 months. The casino backed by investor Ira Lubert was fined a total $200,000 on Wednesday for two separate sets of violations, $50,000 for four episodes of underage gambling and $150,000 for failing to properly submit promotions for regulatory review. The total matches a $200,000 fine against Valley Forge last November for violating rules on special offers to attract customers.
NEWS
November 21, 2014 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
Brookfield Asset Management is dropping its plan to buy Atlantic City's Revel Hotel Casino for $110 million, company spokesman Andrew Willis said Wednesday. The deal fell apart over how much Brookfield would have to pay in fixed costs to the owners of the $129 million utility plant next door that chills water for air-conditioning, provides hot water, and distributes electricity to the $2.4 billion Revel, sources said. The sale of Revel, which closed Sept. 2, putting more than 3,000 people of out of work, was expected to be completed by the end of this year.
NEWS
November 20, 2014
EIGHT YEARS ago, the Pennsylvania Gaming Control Board awarded two licenses for Philadelphia casinos. The first, SugarHouse, opened on Delaware Avenue four years later. We all know what happened to the second: Foxwoods was delayed and delayed until it no longer became economically viable, and almost four years to the day of granting Foxwoods a license, the gaming board revoked it. Then began the long, slow process of awarding that second license to someone else. Yesterday, the board ended the suspense when it announced that the second will go to Live!
BUSINESS
November 20, 2014 | By Harold Brubaker, Inquirer Staff Writer
Here's the quick read on why the Pennsylvania Gaming Control Board chose Live! Hotel & Casino in South Philadelphia for Philadelphia's second casino, based on a document just posted on the board's website. The pitch by Live's backers - Cordish Cos. and Greenwood Gaming & Entertainment Inc. - that they could tap into the millions of annual visitors to sporting events and concerts at the stadium complex was convincing. "The board finds the synergy between gambling and entertainment at a casino with the sports and concert enthusiast visiting the more than 400 stadium area events per year presents an opportunity for marketing the stadium/casino area into a 365-day-per-year attraction with minimal negative impact on the surrounding areas," the document, known as an adjudication, said.
NEWS
November 20, 2014 | By Harold Brubaker and Tricia L. Nadolny, Inquirer Staff Writers
Convinced that a stadium-area casino would draw sports fans, and certain that casino gamblers want to arrive by car, the Pennsylvania Gaming Control Board on Tuesday awarded Philadelphia's second casino license to Live! Hotel & Casino. The Gaming Board found that "the synergy between gambling and entertainment at a casino" with "the more than 400 stadium-area events per year" could create a year-round attraction at the sports complex, according to a filing that explained the board's selection.
NEWS
November 20, 2014 | BY CHRIS BRENNAN, JENNY DeHUFF & DAVID GAMBACORTA, Daily News Staff Writers brennac@phillynews.com, 215-854-5973
THERE IS one safe bet for a new casino license holder in Philadelphia: Politicians, neighbors and people who applied for but didn't win the license may try to stop the project from going forward. That may be the immediate future for the investors behind Live! Hotel & Casino, which won the city's second gaming license yesterday in a vote by the state Gaming Control Board. That project is a partnership between Greenwood Racing Inc., which runs Parx Casino in Bensalem, and the Cordish Co., which owns a casino in Maryland and Xfinity Live!
NEWS
November 20, 2014 | By Tricia L. Nadolny and Chris Hepp, Inquirer Staff Writers
From his barbershop at Seventh and Bigler Streets, Darin Capo has seen all the concrete giants rise - the Wells Fargo Center in 1996, Lincoln Financial Field in 2003, Citizens Bank Park in 2004 - and worried how each would affect the neighborhood. When a customer stopped by Tuesday to say a new neighbor, a $425 million casino, had just gotten the go-ahead to move in, Capo was struck with déjà vu. But also with hope - that it would be good for business despite the mixed response from the men who sit in his barber's chair.
NEWS
November 19, 2014
AFTER NEARLY two years of extensive analysis and review, the Pennsylvania Gaming Control Board appears set to announce the winning applicant for Philadelphia's second casino license. This is welcome news for those of us in the construction and broader business communities. Philadelphia needs and deserves a second casino. In just the past three years, our four regional casinos have returned more than $1.5 billion in tax revenue to the state and more than $141 million in tax revenue to their local and county governments.
BUSINESS
November 19, 2014 | By Chris Mondics, Inquirer Staff Writer
If, as expected, the Pennsylvania Gaming Control Board awards a second Philadelphia casino license Tuesday, applicants who are turned down can appeal directly to the Pennsylvania Supreme Court. But if the past is any guide, their chances of success are at best slim. Since the onset of casino gambling in Pennsylvania in late 2006, business groups have competed fiercely to win the approval of the Gaming Control Board. And a half-dozen applicants who have been denied licenses have asked the Supreme Court to reverse the decision.
NEWS
November 19, 2014 | By Harold Brubaker, Inquirer Staff Writer
When the Pennsylvania Gaming Control Board meets Tuesday to vote on a second casino license in Philadelphia, it likely will not be a long and drawn-out affair. The mere scheduling of the meeting - it begins at 1 p.m. at the Convention Center - makes it likely that the seven-member board has picked a winner, sticking to the law that says there are supposed to be two casinos in Philadelphia, despite fears that there are not enough gamblers to go around. One of the seven board members is expected to make a motion in favor of one of the four applicants.
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