February 1, 2014 |
Sitting in his office in Chicago, Neil Bluhm, SugarHouse Casino's chairman, was so disturbed by the financial predictions coming from this week's hearings on a second Philadelphia casino that he flew in Wednesday evening to speak to the state Gaming Control Board himself. "I felt I had to come down and tell them that if these numbers are right, they're going to have a mess on their hands," Bluhm said after Thursday's hearing. Bluhm, a Chicago real estate investor who entered the casino industry more than 15 years ago, was referring to the projections of how much gambling revenue SugarHouse would lose if a second casino opened in Center City or South Philadelphia.
January 31, 2014 |
THE OWNERS OF Live! Hotel & Casino told the state Gaming Control Board yesterday that their combined industry experience make them the best choice for Philadelphia's second casino license. "We are the owner-operators, and we are not depending on anyone else's money," said Joseph Weinberg, a president of Cordish Cos. Cordish has partnered with Greenwood Racing to form Stadium Casino, pitching the Live! project on Packer Avenue near Darien Street in South Philadelphia. Cordish already operates other casinos, including ones in Maryland and Florida, and owns Xfinity Live!
January 27, 2014 |
When applicants for Philadelphia's second casino license make their final public pitches this week, promises of jobs, wages, and spin-off spending will fly. But the key numbers to watch are the estimates of how much gamblers will lose playing slot machines, because those losses supply the bulk of the casino taxes flowing to state and local governments - the main reason elected officials took Pennsylvania into the gambling business nearly a...
January 10, 2014 |
NEWARK, N.J. - Norbert Teufelberger has been in the gaming business a long time. As the CEO of bwin.party digital entertainment, the Denmark native has made a living off "the national and international casino and betting business" for more than 2 decades. Before the passage of the Unlawful Internet Gambling Enforcement Act by Congress in 2006, bwin's Partypoker brand was the largest online-poker brand in the world. Teufelberger's experiences in the United States made him well aware of America's relationship with gambling, where a large percentage of the population does it but it's still considered taboo.
December 30, 2013 |
The five applicants for Philadelphia's second casino license objected at least partially last week to the petition by SugarHouse Casino to have a formal chance to speak at the Pennsylvania Gaming Control Board hearings late next month. The subject of those hearings, scheduled for Jan. 28-30, is the suitability - including the financial capability - of those bidding to spend up to $700 million on a new casino in the city. The petition by SugarHouse focused mostly on the financial harm that would come to it from a competitor based in Philadelphia, given the drumbeat of evidence that the market is saturated with gambling halls.
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.
October 28, 2013 |
Parx Casino in Bensalem has accounted for nearly three-quarters of all charitable donations by Pennsylvania casinos. Parx, whose parent company is 86 percent owned by Watche "Bob" Manoukian, an ethnic Armenian who calls London home, has donated $36.6 million to charity over the last six years, according to the Pennsylvania Gaming Control Board. The next most generous casino was Rivers in Pittsburgh, which spent $3.2 million on charitable giving and community outreach over the same period - less than a tenth of the amount donated by its cross-state rival.
October 12, 2013 |
BALTIMORE - With one condition, the Maryland Lottery and Gaming Control Commission on Thursday gave the parent company of Parx Casino in Bensalem a green light to continue its bid to build an $800 million casino south of Washington. The condition is that Greenwood Racing's chairman, Robert W. Green, end his friendship with the penny-stock swindler Robert E. Brennan, who served more than nine years in federal prison for bankruptcy fraud and obstruction of justice. Green and Brennan got to know each other in the late 1980s when Green formed a company to buy PhiladelphiaPark racetrack - now home to Parx - from Brennan's International Thoroughbred Breeders Inc. for $67 million.
July 18, 2013
Pennsylvania's 11 casinos generated $59.5 million in table game revenue in June, up 4.2 percent from a year ago. Sands Casino Resort in Bethlehem, with 183 tables, was the leader at $16.9 million; second place was Parx Casino in Bensalem with 166 tables, which grossed $9.1 million. Two other Philadelphia area casinos rounded out the top four - SugarHouse placed third at $6.7 million from 58 tables, and Harrah's Philadelphia grossed $6.3 million from 121 tables. For the fiscal year ending June 30, total table game revenue at the state's gambling houses was $713.1 million, an increase of 7.4 percent from the previous fiscal year's total of $663.9 million.
July 17, 2013
In the Region June revenue up at Pa. casino tables Pennsylvania's 11 casinos generated $59.5 million in table games revenue in June, up 4.2 percent from a year ago. Sands Casino Resort in Bethlehem, with 183 tables, was the leader at $16.9 million; second place was Parx Casino in Bensalem with 166 tables, which grossed $9.1 million. Two other Philadelphia-area casinos rounded out the top four - SugarHouse placed third at $6.7 million from 58 tables, and Harrah's Philadelphia grossed $6.3 million from 121. For the fiscal year ending June 30, total table-games revenue at the state's gambling houses was $713.1 million, an increase of 7.4 percent from the previous fiscal year's total of $663.9 million.