Sunday, May 3, 2015

South Philly casino license bidder adds investors

Joseph Procacci, the 85-year-old Italian food and fresh produce merchant who has run a South Philly business since 1948, added investors Tuesday to his bid for the city's second casino license. Dr. Walter Lomax and his family will own at least 9 percent of the business, which goes by the company name PHL Local Gaming but will operate under the name Casino Revolution if it wins the competition for the license.

South Philly casino license bidder adds investors

Joseph Procacci, the 85-year-old Italian food and fresh produce merchant who has run a South Philly business since 1948, added investors Tuesday to his bid for the city's second casino license.  Dr. Walter Lomax and his family will own at least 9 percent of the business, which goes by the company name PHL Local Gaming but will operate under the name Casino Revolution if it wins the competition for the license.

Procacci will own at least 60 percent of the company, according to a news release, but Lomax and other bidders could put up close to $40 million to buy more of a share.  Lomax started his medical career in South Philadelphia, growing a business through contracts to provide services to prison inmates and welfare recipients.  He now is chairman of the Lomax Companies, which works in venture capital and real estate.

The casino would be built on a plot of land controlled by Procacci between Packer and Pattison avenues, Front and Third streets.  There are five other bidders for the casino license, including two more on Packer Avenue.

About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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