Monday, December 22, 2014

Casino proposal backed by Penn National spin-off voted down

Residents of Milford, Mass., voted against a Foxwoods Casino proposal that was backed by Penn National Gaming Inc. spin-off Gaming & Leisure Properties Inc.

Casino proposal backed by Penn National spin-off voted down

The Massachusetts casino proposal backed Gaming & Leisure Properties Inc. was rejected by residents of Milford, Mass., in a referendum Tuesday.

The vote of 6,391 against and 3,480 for the casino means Gaming & Leisure, which was spun off this month to own most of Penn National's real estate and to invest in additional properties, will have to keep looking for its first deal.

The result also means that Wynn Resorts Ltd., which last week withdrew its application for Philadelphia's second casino license, has just one - weakened - competitor for a resort casinos license in the Boston area.

That competitor, Sterling Suffolk Racecourse L.L.C., has had two major setbacks recently.

Its partner, Caesars Entertainment, was dropped from the bid last month because of doubts that it would pass the background check by Massachusetts regulators.

The Suffolk property is split between two municipalities. In a Nov. 5 referendum, residents of East Boston rejected the casino proposal while those in Revere voted in favor. That has left the Suffolk casino's backers looking for a casino operator and for a way to fit the proposed casino into Revere.

Harold Brubaker Inquirer Staff Writer
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Reporter Jennifer Lin follows the competition among the six contenders for Philadelphia’s second gaming license.

Harold Brubaker Inquirer Staff Writer
Jennifer Lin Inquirer Staff Writer
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