For the second time, the Pennsylvania Supreme Court in the US is asking the state gaming commission to examine whether the ownership structure of the planned Live! casino in Philadelphia meets state ownership rules.
The court wants regulators to further review whether Watch Manoukian, who controls Parx Casino, would violate the state’s limit on owning more than one casino. Parx is a joint venture partnered with Cordish Cos on the project.
State law allows ownership of one but not 50 per cent of another. Manoukian owns 33 per cent of Parx parent Greenwood Racing and his sons own 17 per cent through a trust. The gaming board has approved the ownership structure in the past and has not counted the trust as part of Manoukian’s equity.
Manoukian would not be the only person with ownership interest in more than one Pennsylvania casino. Neil Bluhm controls Rush Street Gaming, which operates and has equity interests in SugarHouse Casino in Philadelphia and Rivers Casino in Pittsburgh.
Live! construction has been held up pending resolution of a suit by a losing bidder for the licence.
Source: Fantini’s Gaming Report
