PA Gaming Control Board Approves Ownership Change For Mount Airy Casino Resort
HARRISBURG: The Pennsylvania Gaming Control Board today approved the corporate restructuring of Mount Airy #1, LLC, a decision that transfers ownership of the Pocono-based casino and resort from Louis DeNaples to his daughter Dr. Lisa A. DeNaples.
The approval came after the Board reviewed testimony submitted earlier today where Mr. DeNaples, along with representatives of Mount Airy #1, LLC outlined the objective for the transfer.
The Board’s decision also vacated earlier orders from February 2008 that suspended the license of Louis DeNaples and of June 2009 which reinstated the license but with conditions such as keeping the Board appointed Trustee, Dr. Anthony Ceddia, in place but in a limited capacity. Today’s ruling provides for the removal of the Trustee within 20 days of the completion of the reorganization, and keeps in place the prohibition that Mr. DeNaples exercise any legal control or dominion in any capacity.
Under the Pennsylvania Race Horse Development and Gaming Act, the Gaming Control Board has the duty to protect the public through the regulation and policing of all activities involving gaming. One of the Board’s duties is to carefully scrutinize and approve any change in control of a slot machine license.
“As with any change of control, the board reviews the proposal to ensure it is in the best interest of Pennsylvania citizens,” said PGCB Chairman Greg Fajt. “While any change of ownership is a significant event and requires close scrutiny by the Board, the good news is that this transfer will not result in any change in the day-to-day operation of the casino.”
Fajt added that the Board agreed to the change only after Mt. Airy demonstrated that the transfer would in no way jeopardize their ability to generate revenue and tax dollars.
“Mt. Airy Resort and Casino is an integral piece of the puzzle in providing property tax relief and economic development, along with providing living wage jobs in northeastern Pennsylvania,” Fajt says. “Approval of this petition assures a structure and conditions which permits the Board to exercise diligence in making sure Mt. Airy continues to deliver the benefits expected by Pennsylvanians.”
The Board will post a final order on this matter later this week on its web site at www.pgcb.state.pa.us.
Additional information about the PA Gaming Control Board is available at the web site including videos that explain Board’s role in the oversight of legalized slot machine gaming in the Commonwealth. In addition, visitors to the site can access information to assist those who may have a compulsive gambling problem, review agendas and transcripts of meetings and hearings, file complaints for investigation, retrieve revenue reports, and request a speaker for their organization.
# # #