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The investment group that includes a gaming arm of the Mashantucket Pequot Tribe and was to build a casino in Philadelphia before its license was revoked by the state gaming commission is appealing the gaming commission's decision in Pennsylvania court.
The group of investors filed the appeal on Friday since it had not yet received a response from to its petition submitted to the Pennsylvania gaming board for reconsideration of the license revocation. The investment group, called the Philadelphia Entertainment & Development Partners (PEDP), also is unsure of whether it will be able to recoup the $50 million it paid for the gaming license in 2006. The state law and the gaming board are silent on whether PEDP is eligible to the return of its $50 million paid for the license.
The state gaming board, called the Pennsylvania Gaming Control Board, revoked PEDP's license in December after PEDP failed to line up financing to build the casino. At the last minute, PEDP secured a financing committment from Caesar's and various banks in exchange for ceding ownership and management interests to Caesar's but the state gaming board was not satisfied with the changes.
2 weeks ago