New Philly Casino May Never Hit Financing Jackpot

Law360, New York (July 19, 2012, 8:17 PM EDT) -- The Pennsylvania Gaming Control Board decided last week to keep the state's one remaining casino license in Philadelphia, inviting developers to submit bids for a project that some financing experts say may be troubled from the start.

Massive casino projects bring the promise of thousands of jobs, millions of dollars in revenue and new "collateral" commercial development in the form of nearby restaurants, stores and hotels. But they can be a tough sell to lenders and investors as the industry reaches market saturation, according to real...
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