WHO OWNS CROSSROADS? 75% owned by Silver Point, who picked it up after Morgan Stanley dropped it. At this late date, changing owners AND corporate structure requires a whole new investigation from the Pa Gaming Control Board, taking Crossroads back to square one.
1. Crossroads Gaming GP, L.L.C. – General Partner, changed from MS Gaming 1% of Crossroads GP, Inc 2. Crossroads NewCo, L.L.C. – Limited Partner, 75% ownership (Silver Point Capital, L.P. Principals are formerly with Goldman Sachs, but GS only agrees to finance some of the debt. Silver Point specializes in high risk loans to financially distressed companies) changed from 74% MS PA Gaming Holdings, Inc (a subsidiary of Morgan Stanley.)
14. Thomas Willer - Limited Partner, .557% ownership, reduced from .80
15. Jennifer LeVan - Limited Partner, 1.113% ownership, reduced from 1.61%
Clueless Companies that are associated with Crossroads Gaming Resort and Spa. aka Chance Enterprises:
Morgan Stanley dropped their 75% ownership and are replaced by Goldman Sachs and a subsidiary. Silver Point Capital, L.P. has committed to provide equity capital and Goldman Sachs Credit Partners L.P., an affiliate of Goldman, Sachs & Co., has committed to provide debt financing. Silver Point Capital, Greenwich CT, specializes in hedge funds, high risk loans to the financially distressed.
"Why did Morgan Stanley drop out at this late date? Either Morgan Stanley let Goldman Sachs steal a deal they no longer wanted, or Goldman Sachs picked up damaged goods." No casino press release
" As a former employee of Goldman Sachs & Co. in New York, I am appalled and ashamed that the company has decided to support the establishment of a casino in Gettysburg. I fail to understand how those who are willing to invest within the securities industry would support a venture that not only attempts to diminish the value of historical landmarks, but promotes an activity that is in direct contrast to the idea of investment; namely, gambling." Message Board Post 11/7/06
For those who would like to write or to Silver Point and let them know how you feel, please write
Edward Mule' or Robert O'Shea
at
Silver Point Capital 2 Greenwich Plaza Greenwhich, CT 06830
203 542 4200
3/10/06 Millenium Gaming, Inc. is chosen to operate the casino. Millennium is a specialist in local casinos off the strip in LV. They don't have a good reputation, and are the best that Chance could get with such an unlikely plan. They purchased The Meadows in Western PA. They got a temporary license for the racino but were cautioned about over-inflated projections of income and under funded plans.
Millennium Gaming: Bill Wortman and Mr. William J. Paulos is: 221 North Rampart Blvd.,Las Vegas, Nevada 89145 Phone: 702-507-5903 Facsimile: 702-507-5992
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Commerce Bank, Harrisburg--two board members are Crossroads investors, and their Board attorneys, Mette Evans and Woodside, have two investors as partners. Commerce Bank Harrisburg Investor Relations 888-937-0004 (The Bank is eager to answer questions.)
Mette, Evans and Woodside, Harrisburg attorneys deeply involved with Crossroads and Commerce Bank. The Mette attorneys representing the casino include Jeff Ernico, Barbara Ernico's husband , and Kathryn Lease Simpson. Besides Ernico, MEW investors include Peter J. Ressler. On 8/14/06 Gettysburg Borough Council member Dick Peterson blamed the poor quality of the agreement given to Borough Council as caused by "the world's worst lawyering on the part of Crossroads attorney" ( Jeff Ernico.) See details below
Adams County attorney John White. White is also on the 3 member Board of Robert C. Hoffman CharitableTrust. Investor Barbara Ernico is the Hoffman trust's program manager, and contacted non-profits who seek grants to ask if they wanted a presentation on Crossroads. This has the appearance of being a conflict of interest. White threatened to sue us if we didn't remove references to the Hoffmann Trust on the message board.
Adams County Attorney, Bernie Yanetti, apparently in charge of security and spin, no matter how far fetched. Apparently truth challenged.
Chance Enterprises, INC. used to be the name of the investment company created to build a casino in Gettysburg, origianlly called the Gettysburg Gaming Resort and Spa. Crossroads Gaming Resort and Spa is their casino project. The Crossroads Office is at
Crossroads Office, Helicopter Applicators Bldg ,1670 York Rd., Gettysburg, PA 17325 They no longer use the name CHANCE.
Crossroads Vice President Michael Serluco told the Harrisburg Patriot News (4/30/05-Casino Planners Have Roots in Region" ) that the Harrisburg-area group was formed to explore the idea of bringing a slots parlor to Central Pa. "Hershey and Harrisburg were locked out by market protection provisions in the slots gaming law...as they are too close to the planned casino at Penn National Race Course. "But Gettysburg looked great...Serluco said. "The group approached LeVan to put a Gettysburg face on the project."
STABILITY? 12/21/05--The list of investors changed. A Daughter substituted for a father, a husband left only his wife on the books, and two men were added. These changes could have been the result of a fear about the intense scrutiny promised of investors by the PGCB, or because they wanted to look more diverse. On 8/19/06 The list is different again, with 3 names dropped and 4 added (including addition of Jennifer LeVan) On 10/12/06 the list is still different, with a different corporate structure, loss of Morgan Stanley as financier, Dave LeVan has more shares. On 11/21/06 the Board accepted the withdrawel of Morgan Stanley, Chanvce Enterprises and Crossroads GP.
In the Gettysburgian, Oct. 20, 2005 LeVan said the casino was not his idea. The plan was brought to him by a Harrisburg law firm that had already put an investment group together. "They came to me because they were looking for someone to put a local face on it, someone who had a positive reputation in the community who was generally respected", he said. The law firm was Mette, Evans and Woodside, Jeff Ernico's and Peter Ressler's firm (Jeff is Chance's attorney, and husband of investor Barbara Ernico.)
Chance Enterprises is now on their 5th or 6th PR Contact. The latest entry is lobbyist Dave LaTorre. He's lasted a few months!
Reporters from some of the most prestigious papers in the country have been denied access to interview any of the investors. Until Nov 1 they were referred to the PR firm Brabender and Cox, www.brabendercox.com, but could rarely get info from them either. As one frustrated reporter wrote: "The fusillade of media coverage – most of it expressing criticism – apparently has not sent the developers in retreat, but they’re no longer talking to reporters. A week of repeated calls to LeVan and the Pittsburgh public relations firm representing him were not returned." Comedy Central's Daily Show with Jon Stewart tried to get them for over a month! We were willing to go on the show. They wanted to have their interviewer ask us, "Why do you care about history? It's so old." We thought it would be fun, but we guess Chance feared that even more people would laugh at their absurd idea.
In Nov. 05 Brabender Cox dropped their contract with Chance. They reported "the contract ran out."They are on their fifth or sixth PR person in a year. Call LeVan at Harley for the latest contact.)
************************* President, David LeVan, Born in Gettysburg, graduate Gettysburg College, tells people he has a degree from Harvard Business School. His degree is NOT an MBA, but on 11/19/87 he graduated from a two month long executive management program, giving him an "AMP" (Advance Management Program)
CEO of Conrail Inc, "retirement" (shareholder forced) in 1998. Resides in Gettysburg and Jackson Hole, Wyoming. He and his wife, Jennifer, are managing partners in Battlefield Harley-Davidson. Jennifer owns Just Jennifer, an art gallery on Rt. 30, and tried unsuccessfully to open a "biker bar" in the new commerce park, next to Adams County National Bank's multi-million dollar new headquarters and a planned day care center.
Through the LeVan Family foundation, he has donated to numerous local organizations, especially the College, Arts Council, and the National Park. In other parts of the country, a standard pattern of casino and landfill developers is to precede the proposal by a year or more with large bequests. This is happening now in Bethlehem, and has the intended effect of silencing those who might otherwise be opposed. Of course we are not saying that the charity in this case was not given freely. The whole town is grateful for the contribution. Charities who are afraid to speak up are caught in a bind: Catering to LeVan--or any investor-- has unintended consequences. For example, several members of the Cupola Society, regular, very substantial donors to Gettysburg College, are currently witholding donations because the College has NOT come out against the casino. LeVan left the College Board June, 2006.
LeVan also has made substantial political donations to his "good friend" Rendell and others, both Republican (Terry Punt) and Democrat. Rendell has come out against the Gettysburtg site, but Punt is a waffle, saying he's against all casinos but helping Chance where-ever and whenever he can. PUNT is behind the lack of action in the Senate on a bill banning a casino from Gettysburg.
Our Contact: "No Casino Gettysburg" and other individuals opposed to the casino attempted to speak to LeVan privately but he refused an interview. Our request for a meeting with Mr.LeVan through his law firm of Hartman and Yanetti www.hartman-yannetti.lawfirm.com was answered with one sentence: on 19 May 2005 "Your request is denied."
We were asked in 2005 to be in a private meeting with LeVan. They also asked, through Kathi Shue, the Friends of the National Parks at Gettysburg and the Land Conservancy of Adams County. All of us refused the private meeting, not wanting to give the impression that deals could be made with us behind closed doors. We were told they would tell us how much preservation money would be generated by the casino, but we feel it is impossible to preserve and exploit simultaneously.
At this point, we have decided we would not have a private meeting with Mr.LeVan, but would be open to a public meeting. He has been asked but has not agreed to meet in a public debate.
Meltdown? Someone named "Dave" posted on the message board of this site four times within one hour on 7/22/05, threatening legal action against this website and specific persons. We wonder if that could be our local David LeVan, and if so, if he consulted Brabender and Cox before that fiasco, called "an unmitigated PR disaster" by an astute observer. This strange behavior occurred the same day our local Evening Sun ran an editorial (see editorials page) unfavorable to the promoters, and a day after four NO Casino Gettysburg folks, in Harrisburg for a PA.Gaming Control Board Meeting, were warmly received both by the press and the Governor's office. That day the Governor's office told us they would call the investors personally to let them know that Rendell is NOT in favor of a Gettysburg site. In September, The Governor issued a public statement opposing the plan, saying that although he and LeVan are good friends that friendship won't "cut any mustard" with him regarding his opinion that Gettysburg is the wrong place for a casino.
Competition drives Gettysburg's LeVan
Monday, May 09, 2005
BY CHARLES THOMPSON
Of The Patriot-News
GETTYSBURG - Does David LeVan really need another battle? At 59, this one-time corporate warrior could relax in his hometown of Gettysburg. A former CEO of Conrail Inc., LeVan owns Battlefield Harley-Davidson and enjoys a reputation as a philanthropist.But now, a man whose local approval ratings would rival Abraham Lincoln's has picked what could be his biggest, most personal fight. LeVan is the president of Chance Enterprises Inc., the partnership planning to build the Gettysburg Gaming Resort &Spa at routes 15 and 30 in Straban Twp. Some residents detest the idea. LeVan, seemingly, is stoked.
"I'm very competitive," he said. "I race when I'm skiing. I compete against every other Harley dealer to be the best Harley dealer in the country. And I will compete to be the best gaming resort." LeVan, the second son of a local plumber, made a triumphant return to his hometown in 1998 after the sale and division of Conrail Inc. left him with a fortune in stock options and time on his hands. His Harley-Davidson dealership reflects his longtime passion for motorcycles. He has kept busy in other areas: He and his wife, Jennifer, opened Just Jennifer, a downtown boutique. He endowed a chair in business and management ethics at his alma mater, Gettysburg College, where he has been a longtime trustee. LeVan led the restoration of Gettysburg sites such as the Lincoln Train Station and the Majestic Theater. He has made significant contributions to preserve the Daniel Lady farm, used as a Confederate Army hospital during the Civil War battle.
Even casino opponents don't bash LeVan personally.
"He's not a bad guy," said Mark Berg, organizer of a grassroots anti-casino campaign. "I just think he's wrong on this particular issue." LeVan could not be more convinced he is right. He argues that the casino would help take tourism to a new level.
He insist that he is not selling out his town. The casino would be a few miles from Gettysburg National Military Park, he pointed out. "I do certainly have a lot of respect for history and appreciate the history of this area," LeVan said. "But I also don't see, the way others see it, the conflict between this [project] and the tradition and the history of Adams County. "It's not in view of the battlefield. It's not going to have a Civil War theme. ... The only thing that this is going to have in common with the battlefield is the name Gettysburg." LeVan is probably not the likeliest of corporate titans or gambling tycoons. He attended Valley Forge Military Academy, graduating in 1963. He enrolled at Gettysburg College as a science major, an experience that did not go well. After a one-year hiatus, LeVan re-enrolled and found success in accounting classes, so much so that he landed a job with one of Philadelphia's major accounting firms upon graduation in 1968. He joined Conrail in 1978. But the bitter, drawn-out merger battle that led to the split of Conrail in 1997 left LeVan without a job -- albeit enriched by a severance package including stock holdings estimated to be worth more than $20 million. It was then that LeVan and his wife returned to Gettysburg, seeking what they called a slower, quieter lifestyle. Now, some say that LeVan is the only person who could bring slots to Gettysburg. "People know he's got roots there, and he's not going anywhere," said West Shore real estate broker Michael Serluco, one of the partners of Chance Enterprises. LeVan, who faced a lower-profile battle in winning approval and acceptance of Battlefield Harley six years ago, recognizes there is a different level of "reputational risk" attached to the slot-machine parlor. "This may be the one that drives me out of town," he said. "I was planning to share my time between Gettysburg and Jackson Hole, Wyo.," where the couple own a second home. "I might have to go there permanently."
But he has no intentions of shying away from this fight. "If it doesn't happen, I'm very comfortable that I could walk away, continue to do this and still be able to go to town with my head held up ... without feeling as if I've done an injustice," he said. "If it's successful ... I believe when it's all said and done the majority of folks would see the value of having done that."
After the Governor, the NY Times editorial, the widespread negative publicity, findings that the casino is opposed by 96% of tourists and FAVORED by only 31% of voters, opposition statements by 6 national groups, Senator Santorum, Congressman Platts, 62,000 petition signatures, etc, etc, etc, Le Van writes in the Gettysburg Times and on his website that "We continue to believe in this venture and we will not be deterred."
Could his competitive spirit be getting in the way of knowing when to make a graceful retreat?
*********************** Vice President , Michael Serluco Serluco owns the Wormleysburg-based Consolidated Properties, which develops and operates apartments, offices, hotels and warehouses. He is on the Board of Directors of Commerce Bank-Harrisburg, and is the second largest individual investor in the bank, with approximately 81,000 shares. For Commerce Bank http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cobh&script=2260 and for insider shares:http://finance.yahoo.com/q/mh?s=COBH
He is active in civic causes such as the West Shore Regional Police Commission, the West Shore Area Chamber of Commerce and Holy Spirit Hospital. Serluco claimed he recruited LeVan after the group decided to locate the casino in Gettysburg.
Consolidated Properties, 400 N. Front Street, Wormleysburg, PA 17403 717-761-3558 conprop@consolidatedproperties.com (Serlucco's business)
Serluco told the Patriot News, "It's about time Central Pennsylvania gets something."
**********************
Dan Vorum, Washington, Pa. dropped his name as an investor, leaving only his wife Dr. Elizabeth Eelkema Dan Vorum is president of City Motors in Washington, PA, which he founded in 1984. He is also co-founder and partner of Vorum's Stables in Washington county, PA.. Vorum Stables owners Daniel Vorum and his wife, Elizabeth Eelkema, wanted a zoning amendment that would allow them to expand their current 60 acres and private track and stables into a commercial operation allowing pari-mutuel wagering in Canton Township. Dr. Elizabeth A. Eelkema has been chief of neurology and MR Imaging at the South Hills Radiology Services for 15 years.
City Motors,775 W Chestnut St. Washington, PA 15301 (724) 223-0990 ************************************** Alan "Hass" is properly names Alan Hassman in the 12/21 list: Camp Hill resident experienced in the restaurant business and president of ARH Inc., Keystone Lodging Enterprises and the Sycamore Road Association. He owns several McDonald's Restaurants. Hass, under the name Alan Hassman, is also on the Board of Directors of Commerce Bank--Harrisburg, and owns over 73,000 shares. http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cobh&script=2260 and http://finance.yahoo.com/q/mh?s=COBH
Keystone Lodging Enterprises, 3304 Market St, Harrisburg, PA (717) 761-6448
**************************************
Barbara Bushey Ernico:
Contact: Barbara Ernico 717/737-2292 or bernico@att.net The Grantham PA resident is the Program Director of the Robert C. Hoffman Charitable Endowment Trust. (1-717-338-0344) You can reach her or the Hoffman Trust at this number. The Hoffman Trust's 3 member Advisory Committee, who make majority vote decisions on what money Adams County non-profits will receive, is Chairman John R. White, attorney, (White is also an attorney for Chance.) David A. Brown; and David Heiges. It is these Directors and not Ernico who officially control the purse-strings. The Trust insists that local charities should not feel intimidated in opposing the casino just because they are applying to the Hoffman Trust for funds. However, several non-profit heads have told us that is exactly why they have not come out against the casino. Most non-profit folks struggle to get enough funds for their noble causes, and work hard to have good relationships with funders. Most would do anything to keep from offending a potential donor. And with both the program director, Ernico, and the President (White) involved with the casino, we think they are feeling intimidated, even though that perception may not be accurate.
We are told that in other parts of the country, quieting the "good people" through involvement in funding charities has been a frequent strategy of casino operatives. We hope this isn't true here as it has been so many other places.
Ernico and her husband, Jeff, are not on the Board of Commerce Bank Harrisburg, but her husband, attorney Jeffrey Ernico http://www.mette.com/attorneys/ernico.html is a shareholder in and employee of the firm, Mette, Evans and Woodside, whose partner, Howell C. Mette, is also on the Board of Directors of Commerce Bank--Harrisburg and owns over 78,000 shares in the bank. http://finance.yahoo.com/q/mh?s=COBHJeff is the attorney for Chance Enterprises, along with John White of Gettysburg et al. *************************** Robert C. Bales: Founder and CEO of PestPatrol, a security software company in Carlisle, PestPatrol, Inc, 453 Lincoln Street, Carlisle, PA 17013 717/243-6588 www.pestpatrol.com ***********************************
J. Edward Clouse dropped 12/20/05 for relative Heather Kutz, who is "a principal" of Clouse Trucking. Heather and her husband raise cats in Carlisle. http://kutzikoo.com/ . Clouse owns Clouse Trucking, a milk hauling company. Clouse Trucking, INC. 2075 Ritner Highway Carlisle, Pennsylvania (PA) 17013 USA 717-351-390 ****************************************
P. Gary Wienken: President of Wienken and Associates, a financial services group in Harrisburg. They have a branch in Littlestown. Weinken & Associates 11 South Main St. Lewistown, PA 17044 Gary works in the Camp Hill/ Office, 717-763-7365 **********************************
James Quillen, added 12/21/05, owner of Quillen Development of Hunt Valley MD. Quillen is known as a "very hard" MD developer, but he has severe money troubles. He tried to purchase the 300 acre Roy Weaner farm in Straban Township but reportedly missed several payments and the land had to be re-sold to another buyer. James Quillen is also being sued in MD for default on payment to an engineering firm. Quillen may or may not have declared bankruptcy at the end of 2005. This investor does not appear to meet the legal criteria of financial suitability.
+++++++++++++++++++++++++++++++
Peter J. Ressler, added 12/21/05 , ANOTHER attorney with Mette, Evans and Woodside. pjressler@mette.com
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Under Act 71, politicians in the Capital can own up to 1% in shares in a casino company through a private agreement that would never be made public. These private agreements, letters of understanding, etc, are an easy way for investors to hide their participation. ******************************************
Fellow Traveler: Robert (Bob) Monahan, Jr. OWNS THE LAND. Gettysburg Native, developer of Hanover's "Golden Mile". Denies being an investor, but gave LeVan an option on his land for this Terrible Idea. Monahan is building a hotel complex across the street and supports the Casino. He did talk with us, and stated his belief that a casino is inevitable, a "75% sure thing." He has told several citizens that he feels his land is the lesser of several evils, and that if LeVan doesn't get his land he'll try another parcel even less suitable.This is not sound ethical reasoning. We are all stewards of the land and our community well-being, and have a responsibility to ensure proper use. In the Gettysburg Times Monahan said he did not know the intended use of the land when he locked into an agreement. We believe he's too smart for that. Since distancing himself publicly, he has been working "behind the scenes" , pressuring local leaders to help make the casino a reality. His brothers, Bill Monohan on Borough Council, and Phil Monohan, work hard to make the casino deal happen. Bob told the Frederick News Post and the Central PA Business Journal that it is good for Gettysburg. C'mon Bob, give it up. It's a bad idea! Bob Monahan, Monahan Group, 131 Carlisle Street Gettysburg, PA 17325 717-334-0084
******************************
Follow the Money...
Investors Serluco and Hass--under the name Hassman, -- are on the Board of Directors of Commerce Bank- Harrisburg. Barb Ernico's husband Jeff's law partner is a third Director of Commerce. Another partner in Ernico's firm is Commerce Bank's Secretary and Counsel to the Board. When the press releases went out about Chance, why didn't any of these Directors list their prestigious position as part of their resume? Could it have to do with the Commerce code of ethics reprinted here? Call the Commerce Bank Harrisburg Investor Relations 888-937-0004
Portion of Commerce Bank's Ethics policy:
"VI. Conducting Outside Activities and Managing Personal Finances
Directors and employees of the Company are expected to conduct their outside activities, and to manage their personal finances, in a manner consistent with their positions or affiliations. Directors and employees shall be prudent in making personal investments, to make sure that such investments do not influence their conduct of the Company's business or adversely affect its reputation. "
"Investing or trading in securities, commodities or currency transactions that might be termed speculative, should be avoided unless the individual has demonstrated a capacity to assume the financial risks involved. Excessive gambling is discouraged. "
(The Bank states that there is no relationship at all between Commerce Bank and Chance Enterprises. However, they are eager to answer questions about the behavior of their Board Members and the question of whether these board members are violating their ethics policy. Give them a call, 1-888-937-0004, and tell them how you feel about their board members' investment in a casino in Gettysburg. Commerce Bank plans a Gettysburg branch next year. Do we want them?)
Sometimes even respected people, like the casino investors, have bad ideas. Locally, the president of Harrisburg-based Chance Enterprises has made contributions to Gettysburg College, the arts, history and community. This has created a dilemma for some of those who have received their support and hope to continue a relationship with these donors. It's easy for these recipients to gloss over the questions of whether the Gettysburg Gaming Resort makes any sense. Many organization representatives have said privately they oppose the casino but hesitate to speak out.
Some are coming under intense pressure from the investors and investors friends to remain silent. They are told to get "all the facts" and are waiting for the investors to give them those "facts" ... from the American Gaming Association. They say:
"It's such a terrible idea, it will never happen."
It could if no one speaks up!
"They will never let let them do it, so no need to get involved."
All that is necessary for the casino to be built is for good people to do nothing, or remain "neutral". In this case silence equals assent.
"I hope we can “trust” LeVan and Monahan’s good intentions to be “respectful” of the historic area"
Great design of a totally inappropriate use is irrelevant.
Good intentions don’t sanitize bad impact.
"It's a done deal. I hate it, but money and power always win, so it's inevitable".
Unless the process is completely corrupt, legally it is not a "done deal."There is time to take a stand.What we believe is true, becomes true, because we act in accordance with our beliefs. We don't accept this assumption, so we will fight this and win. They have money and muscle, but we have voters. All the campaign contributions won't help a politician at the polls who is for this bad idea.
Relationships with influential people are challenging. Yet every person must at some time gather the courage to speak truth to power. Fortunately, many members of these silent organizations are now part of NO Casino Gettysburg, a self organizing, grass roots movement of THE PEOPLE. If Communism and the Berlin Wall could fall through the power of the people, we know our grass roots movement can win. TAKE COURAGE, Gettysburg! Solidarity!
Do they Have a Chance? At least 6 competitors for two stand alone sites:
Poconos Resort area off Rt. 80 Mt. Airy Lodge, Mount Pocono, which closed in 2001 to be renovated for $300 million. Lead investor Louis DeNAples; collects motorcycles,connected to PGCB via Conaboy. Pocono Manor Greg Matzel wants to invest $1.5 Billion to modernize 103 year old 250 room hotel to 5000 slot casino.
Pocono Raceway (NASCAR).--Dr. Joseph Mattioli dropped from competition 12/6/05
Allentown / Bethlehem Bethworks Now$890 million renovation of old Bethlehem Steel Works. Led by Bethworks Now and Las Vegas Sands, owner of Venetian Casino AllentownIsle of Capri Casino. Cost unknown.
Aztar Corp, (Tropicana) East Allentown, Agere Systems site Penn National Gaming Inc. and Philadelphia-based UCH Venture Capital.
15 acres next to Queen City Airport in Allentown and have shown interest in buying the 208-acre airport property for a slots casino development. With $1.14 billion in 2004 net revenues, Penn National bills itself as the third-largest gaming corporation in the nation behind Harrah's and MGM Mirage.
Limerick, PA. Boyds Gaming Corp Boyd Gaming Corp., wants to build a $300 million slots parlor in Limerick Township, Montgomery County.
The casino company, which is a co-owner of the Borgata Hotel Casino & Spa in Atlantic City, wants a 125-acre parcel in the township, which is best known as the site of Peco Energy Co.'s Limerick nuclear power plant.The proposed casino would be along Route 422 at the Sanatoga exit, next to the soon-to-be-built Philadelphia Premium Outlets Mall, and 10 miles from Valley Forge National Military Park! Boyds has unplugged their phone after the town told them to take a hike.
December 14, 2005 LANCASTER, Pa. -- dropped because they didn't produce the 50 million.
Gettysburg--Chance Enterprises wants to spend $300 million for a 250 room hotel/spa with 3000 slots as a start, moving to 335 rooms and 5000 slots, with a 4900 car garage. Chance signed Millenium Gaming as an operator, what they called a "second tier" comapany--in other words, a "bottom feeder".
Theoretically, the two stand alone licences could both go to Allentown, Bethlehem, or one to Allentown and one the Poconos, both of which draw heavily from NY State. Gettysburg is the least attractive because it does not have support, and is the least revenue producing site of them all. As one reporter said, "Why would any reputable company walk into a war zone?" One Wall St gaming analyst gave it chances of 99-1. Not good. Let it go Morgan Stanley, let it go!
Only 2 Stand-Alone licenses will be issued by the PA Gaming Control Board. There is fierce competition for those licenses.
Gaming industry consultants on locating the 2 stand-alone licenses
The Innovation Group is a consultancy to the Gambling industry. Their reports are worth looking at. Link below to read Casinos in PA and NY. Innovations showed the two stand alone casinos going to Eastern PA -- one in the Poconos and the other in Allentown. None in Gettysburg. This report was prepared in 2004 and perhaps their opinion has changed since then, but still it was encouraging.
