The Pennsylvania Gaming Control Board yesterday held a special meeting to consider the HSP Gaming (SugarHouse Casino) request for approval of its financing package. In May SugarHouse was given a 2-year extension of its licence and approval for a modified construction plan, which allows an interim facility with 1700 slot machines along Philadelphia’s Delaware Avenue. The change permits the construction of a single floor venue instead of the original 2-storey and also maintains the natural shoreline with pedestrian path.

The long delayed casino project, approved by the PGCB in December 2006, cleared its last bureaucratic hurdle this June when a divided City Planning Commission finally voted to approve the Fishtown development. State Supreme Court rulings in favour of casinos and a threat to prevent Philadelphia from benefitting from casino taxation are thought to have helped push the vote through. At the time SugarHouse was hoping to break ground on the project before the end of August and to open the slots facility by next spring.

The revised design calls for a scaled-down, single-story interim casino surrounded by surface parking for 1,430 cars. The developers have simplified the entranceway and eliminated an elevated promenade that hung over the Delaware River. Instead, the project will maintain the natural river's edge and have two tiers of walkways for pedestrians. Fishtown residents are said to largely support the SugarHouse development and HSP Gaming has been generous with charitable donations in the area.

Following its meeting with the PGCB yesterday, SugarHouse is now able to consolidate its assets to secure financing for the casino. Investors had used two separate companies to buy the land and pay the licence fee. PGCB permission was needed to transfer the licence to one holding company. The Board also agreed to keep details about the lender (rumoured to be Pittsburgh-based PNC Financial Services), financial agreements and interest rates out of the public domain. (E-09.17.09)

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