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Wednesday, April 8, 2009

PA gives Lubert group Valley Forge slots gambling license

"The Pennsylvania Gaming Control Board today awarded one of two available slot operator licenses for a Category 3 resort to Valley Forge Convention Center Partners, L.P.," says the state's gambling regulators in this statement.

Valley Forge is owned by investor Ira Lubert, a partner in a string of real estate and private equity firms that count the State of Pennsylvania's pension funds among their clients, and fellow investors Jonathan Lubert, Michael Heller, Ken Kochenour and Barbara Evans. List of PA casino owners here.

"The license will permit Valley Forge to operate up to 500 slot machines at its location in Montgomery County... The Valley Forge Convention Center has 488 hotel rooms on 850,000 square feet of property and is located at 1160 First Avenue in King of Prussia. Valley Forge estimates that it will produce $74 million in annualized gross terminal revenue from slot machine play by its fifth year five of operation.

"'Despite the tightened credit market, Valley Forge was able to demonstrate to the Gaming Control Board that it has obtained firm financial commitments for its project,' said [Board] Chair Mary DiGiacomo Colins. She'll justify the license in a more detailed statement "soon". "Under the Gaming Act, any party with standing in the licensing decision would have 30 days to file an appeal of the Board's decision to the State Supreme Court."

 

 
Posted by Joseph N. DiStefano @ 3:24 PM  Permalink | 4 comments
Comments   
  • 0 like this / 0 don't   •   Posted 5:25 PM, 04/08/2009
    I guess they might as flush economic development down the toilet. How much new construction, new investment does the public get? New jobs? Anything worth mentioning other giving a billionaire with a failing franchise a license to print money with nothing in return. I can't wait to see the tight wad underclass ambiance served up to the gaming enthusiasts.
    — Fernando08
  • 0 like this / 0 don't   •   Posted 7:27 PM, 04/08/2009
    A part of Slick Eddies tribe
    — ollie
  • 0 like this / 0 don't   •   Posted 9:04 PM, 04/08/2009
    I'm sure the men who suffered great privations in Valley Forge long ago would be pleased to know that their hardships are being honored in this way.
    — CoolZanna
  • 0 like this / 0 don't   •   Posted 7:38 AM, 04/09/2009
    ollie's right.....follow the money, see fat eddie.
    — JingoGuy


4 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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