Thursday, December 18, 2014

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
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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