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.
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.