Mount Airy Casino Resort Moves One Step Closer to Table Games Licensure, Securing $35 Million in Financial Backing
The Pennsylvania Gaming Control Board approved a motion by Mount Airy Casino Resort to finance its expansion to table games with a $35 million loan from financial guarantor Louis A. DeNaples at a special meeting Tuesday, March 23, 2010.
Pennsylvania state gaming regulators approved Mount Airy's petitions to use the loan to underwrite improvements to the casino's gaming floor to accommodate table games and to pay a portion of the $16.5 million table games state license fee. Further, the funds will also be used for capital improvement projects including golf course renovations, surface parking and a host of other capital investments. Mr. DeNaples' loan will go to the trusteeship headed by his daughter, Lisa DeNaples, D.M.D, the casino's chief operating officer. Mr. DeNaples is a guarantor of Mount Airy's loans.
According to George Toth, president and CEO of Mount Airy Casino Resort, "This is a key financial milestone in the introduction of table games at Mount Airy Casino Resort. As we continue to offer guests an experience that embodies incomparable casino gaming in a breath-taking setting, we look forward to ongoing collaboration with the Pennsylvania Gaming Control Board."
