The state’s Gaming Board just voted in favor of a proposed casino and hotel in South Philly that has been in the works for about four years.
On Wednesday, in a 7-0 vote the Pennsylvania Gaming Control Board ruled in favor of Live! Hotel and Casino Philadelphia after other parties filed a lawsuit that challenged its ownership rules, NBC10 reported.
The lawsuit, filed by SugarHouse Casino and Market East Associates, argued that one of the primary beneficiaries of the proposed casino, Watche "Bob" Manoukian, would have an ownership interest that’s above the controlling interest limit of 33.3 percent. Manoukian already owns 85 percent stake of Parx Casino in Bensalem. But he had committed to transferring a $34 million interest in the South Philly project to a trust for his sons.
PGCB rules in favor of legal ownership per gaming law of Phila Stadium Casino project— PGCB (@PAGamingControl) August 9, 2017
The Gaming Board decided the financial structure was legit. While an appeal can still be filed within the next 30 days, all the project needs to begin construction is final approval from the Gaming Board.
The casino has been in the works for years now. In 2014, the Pennsylvania Gaming Control Board awarded Live! Philadelphia the state’s second casino license. The next year, it received approval from the City Planning Commission and already has construction and zoning permits in hand. It’s expected to cost $600 million and include a 220-room hotel.