Penn National drops bid for USD 480 million Philadelphia casino
However, the potential shared profits between Penn National and the city would have been determined after “substantial management and licensing fees were paid to Penn National,” according to Philly.com. The structure was designed mainly to get around casino ownership restrictions in the Keystone State by giving a nonprofit two-thirds ownership of the proposed casino’s holding company, and was met with cynicism by regulators at a January hearing.
Philadelphia economic-development officials expressed a preference for a downtown site at a hearing in September. There are four potential sites remaining.
Penn National is also building a US$ 225 million slots parlor in Massachusetts and a US$ 360 million casino near San Diego, in addition to seeking a license in New York’s Hudson Valley-Catskills region. The company said the market in Philadelphia “was less attractive now that when the application process started in 2012.”
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