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Pennsylvania Gaming Board Approves Slot Machine Transfer
HARRISBURG, PA --
This afternoon, the state-run Pennsylvania Gaming Control Board announced it has given authorization to Mountainview Thoroughbred Racing Association to hand over their Category 1 slot machine license to PNG Acquisition company. Mountainview had been operating the Hollywood Casino at Penn National Race Course in Dauphin County.
According to the press release, "under Pennsylvania gambling law, the Gaming Control Board has must protect the public through the regulation and oversight of all activities involving casino gambling. The Board must approve any change in control of a slot machine license.
The approval came after the Board reviewed testimony submitted at an April 24, 2008 hearing where Penn National Gaming Inc., Fortress Investment Group LLC and Centerbridge Partners, L.P. outlined their objectives for the facility in Dauphin County, Pennsylvania. The Board made the ruling only after it was assured that the Hollywood Casino at Penn National Race Course's slots operation is a valued undertaking or process, and that the new owners will strive to operate it in a manner beneficial to both the local community and the citizens of the Commonwealth.
"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 Mary DiGiacomo Colins. "Even with this approval, you can be assured that we will continually monitor the new owners to ensure they follow through with promises made to the Board."
Despite the Gaming Board's assertion that they are "an independent and non-partisan regulation board looking out for the people of PA", these types of transactions do not come without a fee. In order to make the deal official, PNG Acquisition Company has to pay the Commonwealth a $2.5 million license transfer fee. Once the money has been paid, the transfer will complete in a short period of time.
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