Philadelphia businessman Joseph G. Procacci and Merit Management Group are to be presented today at a meeting with the state Gaming Control Board as the new partners in the delayed Lawrence County casino project.
Mr. Procacci and the Chicago-based gambling operator had formerly worked together on the rejected plan for the so-called Casino Revolution.
Lawrence Downs Casino and Racing Resort has faced a number of setbacks, which eventually led to a delay in the construction of the property. In the first place, Endeka Entertainment L.P. failed to provide the Pennsylvania gaming regulator with certain documents that would allow the board to investigate the group’s financing plan.
Furthermore, back in April, gambling operator Penn National Gaming Inc., which was to operate the $225-million venue, announced that it would exit the partnership with Endeka, due to the region’s weak economy and market saturation.
The Pennsylvania Gaming Control Board is to consider Penn National’s request to withdraw from the casino project as well as Endeka’s petition for an extension of its application deadline at a meeting, which is to take place later today. The company now has up to August 9 to complete its application.
If the state regulator grants the extension, Mr. Procacci and Merit Management will replace Penn National as general partner of the project. In other words, the Philadelphia businessman would have to secure sufficient funds for the construction of the casino. As for Merit Management, it would be in charge of the development and management of the property once it opens doors.
John O’Riordan, lawyer for Mr. Procacci, said on Tuesday that they could not reveal details about the financing, but they are confident that Lawrence Downs would be “financed and built on budget.”
Mr. O’Riordan also explained that if the state Gaming Control Board grants the deadline extension, Mr. Procacci would post a bond to secure the project. Previously, Penn National had been required to post such bond as part of the application procedure.
Dan Vogler, Chairman of the Lawrence County Board of Commissioners, commented on Mr. Procacci joining the project as a positive development for the casino and racetrack property, which was first proposed more than a decade ago.
If completed, Lawrence Downs will feature as many as 1,250 slot machines, 50 table games, horse racing events, and numerous other gambling options.
