The plaintiffs are challenging Manoukian’s ownership, with the goal being that the PGCB will revoke Stadium Casino’s license. So far, the Pennsylvania Supreme Court has sided on the challengers’ side, mandating that the PGCB continue to seek additional information regarding Manoukian’s stake.<\/p>\n<\/div>\n
Stadium Casino says Manoukian’s ownership is through an “irrevocable trust” that he wouldn’t control or be able to touch. Instead, the investment vehicle would be earmarked for a beneficiary, and he would be a hands-off owner.<\/p>\n
The complicated financial structure is why the legal challenge has lagged on for almost three years. On July 31, the two sides will once again make their cases to the gaming board.<\/p>\n
Throwing yet more fuel on the fire, State Representative Scott Petri (R-Bucks) believes the one-third ownership clause in the gaming act needs to be repealed. The chairman of the Pennsylvania House Gaming Oversight Committee, Petri has introduced legislation to abolish the regulation and allow investors to have controlling stakes in multiple gambling venues.<\/p>\n
\n“It’s important to finally end litigation on this Philly license,” Petri explained earlier this month. He added that the state is losing out on tens of millions of dollars in unseen tax revenue from the as-yet-unbuilt Live! casino project.<\/p>\n<\/blockquote>\n
A Category 2 license costs a one-time $50 million upfront fee. Although that license has been approved by the PGCB, the lawsuit has held up finalizing it, including that payment.<\/p>\n
The cash-strapped state is currently looking for revenue to close an expected $2.2 billion budget funding gap.<\/p>\n","protected":false},"excerpt":{"rendered":"
Philadelphia’s Live! Hotel & Casino project remains in legal limbo, as a lawsuit continues to block the venue from license finalization and moving forward to break ground. The main issue is trying to determine whether businessman Watche “Bob” Manoukian, who owns a controlling 86 percent stake in the nearby Parx Casino, is allowed to additionally […]<\/p>\n","protected":false},"author":42,"featured_media":54643,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,13,18,61],"tags":[],"acf":[],"yoast_head":"\n
Fate of Philadelphia Live! Casino Project Still in Limbo<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n