Parx investor defends Live! stake
One of the owners of the upcoming South Philadelphia casino Live! Hotel & Casino has been questioned over his stake in Parx Casino.
US.- After the Supreme Court of Pennsylvania unanimously ruled that gambling regulators had to reevaluate the ownership of the upcoming South Philadelphia casino Live! Hotel & Casino over concerns related to one of the stakeholders, the person in question claimed no interests in future revenues.
A hearing took place yesterday to further examine Manoukian’s financial interest. “I have recently signed a binding agreement to fund the trust by outright and irrevocable gifts, and I will do so, I promise,” said Manoukian during testimony, as Bucks County Courier Times revealed. Board’s chief enforcement counsel, Cyrus Pitre, said that he was encouraged by the testimony, however he requested that all funds coming into the project must be reviewed by investigators in order to decide if they meet the gaming law.
“I don’t see it as a financial interest at all. He can’t benefit from it,” said Terrence Everett, president and director of Sterling Fiduciary Services, company in charge of overseeing the trust. Whilst a decision wasn’t made yesterday and didn’t actually say when it would come to light, it is estimated that new information will be revealed during the board’s next meeting on August 9. It is clear under the state laws that as the businessman’s ownership exceeds the 85 percent in Parx, he cannot hold an extra 33.3 percent in Live! Hotel & Casino.
