Thursday, June 19, 2008
The House Republican Policy Committee held a public hearing today to discuss financial suitability standards for licensees by the Pennsylvania Gaming Control Board (PGCB). Representative Mike Turzai of Allegheny County says there were 3 primary recommendations made at the hearing: 1) that all parts of the licensing process be public including background checks, 2) that there be a specified list of documents that must be examined of all applicants, and 3) that a prospective licensee have at least 33% of his proposed building and operation expenses in equity funds. Much of the discussion in the hearing was based on the licensing of Don Barden whose Majestic Star Casino will require a loan of nearly $800 million while the company is already in debt. Turzai says to expect legislation to be drafted in support of all three recommendations in the near future.