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Philadelphia Casino Is Another Step Closer To Approval

Philadelphia Casino Is Another Step Closer To Approval

Pennsylvania Gaming Control Board has unanimously approved the project for the second casino, Live! Hotel & Casino, in the city of Philadelphia.

The project which is on its verge of completion has been delayed for over four years, due to the allegations that Bob Manoukian, who owns 85% of nearby Parx Casino, would be owning over a third of Live!. The hotel is a joint venture between Bob’s company Greenwood Racing and the Cordish family in Baltimore. The Maryland Live! Casino is owned by the Cordish Companies.

As per the Pennsylvania law ownership of more than one-third of the casino for Manoukian would be illegal. The Supreme Court of Pennsylvania asked the regulators in June to examine the ownership structure of the casino project again. The final approval for the casino’s license depends on the outcome of the process. In March the court had asked the regulators to conduct another review.

If Live! is approved, it would be the 13th brick and mortar casino in Pennsylvania. With 2,000 slot machines and more than 100 table games, the casino is expected to generate annual gaming revenue of about $300 million.