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US – Live! Philadelphia Casino clears latest hurdle

By - 14 August 2017

The Pennsylvania Gaming Control Board will allow Stadium Casino’s proposed Live! Philadelphia Casino & Hotel in South Philadelphia to go ahead.

Greenwood Racing, owned by businessman Watche “Bob” Manoukian has formed a 50-50 partnership with entities controlled by the Cordish family in Baltimore for the project.

The Pennsylvania Gaming Control Board voted 7-0 that Mr. Manoukian does not, and will not, hold a financial interest in Stadium that exceeds 33.3 per cent, and that Stadium is in full compliance with the state Gaming Act.

Mr. Manoukian owns an 85.84 per cent share of Parx Casino in Bensalem. Pennsylvania gaming laws dictate that an individual who owns one casino can’t own more than 33.3 per cent of another
The approved motion outlines that: “Watche Manoukian does not maintain a financial interest in Stadium Casino L.L.C. through either the Sterling Investors Trust or Sterling Fiduciary Services Inc.” Funding the trust by gifts did not “rise to a financial interest.”

He will transfer $34m into a trust for his sons that will own a portion of the proposed casino. Manoukian said he will fund the trust by “irrevocable and outright gifts” and that he has no monetary right or claim, or investment in, the trust.

The board chose the joint venture Stadium to build Philadelphia’s second casino in November 2014, but SugarHouse Casino, the city’s first casino, appealed the decision.

Stadium Casino will create thousands of jobs including 3,000 new construction jobs, which will generate approximately $145m in estimated new wages and salaries (direct and indirect) during construction, and 2,000 new permanent jobs upon completion of the project. Career opportunities will be available in every field, including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance and gaming operations.

“The partnership we have created with The Cordish Companies is a powerhouse combination,” stated Tony Ricci, Chief Executive Officer of Parx Casino. “Beyond generating hundreds of millions of new tax dollars and bringing thousands of jobs for the region, Stadium Casino will be providing substantial benefit to the local community. We look forward to creating a world-class establishment that will be a game changer for the City of Philadelphia.”

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