(WJET/WFXP)– The Pennsylvania Gaming Control Board announced they’ve given Presque Isle Downs and Casino the license renewal they were seeking, extending it for five more years after what they called a very thorough investigation into the casino’s financial status.
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The Gaming Control Board voted unanimously Wednesday to renew the casino’s category one horse track casino license, saying Presque Isle Downs had fulfilled the obligations under its previously approved casino operator’s license, qualifying it to have its license renewed for five more years.
Presque Isle Downs officials pleaded their case for the five-year renewal to the board back in May, but the decision was ultimately tabled, with the board saying they wanted more information on the casino’s financial health after General Manager Gary Hendricks claimed the casino could close at a Summit Township meeting.
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Hendricks echoed the same sentiment to WJET back in April, citing how the casino pays about 64% tax and that he was concerned about the long-term sustainability of the casino property due to that tax rate. The casino has also been dealing with market changes like competition from unregulated skill games and a declining local population.
Board Chair Denise Smyler said the board was obligated to take a very close look at renewing the license, which may have been concerning to some but they have faith the Presque Isle Downs will be running for several more years.
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“We realize that conducting such a thorough and detailed review, which we were obligated to do, may have been a little disconcerting to the people of Erie, particularly the good people that work at Presque Isle Downs, Presque Isle suppliers, and its patrons. What I would like to say to those people is that the Board is renewing this license for 5 years, and while there will be conditions on Presque Isle Downs requiring ongoing monitoring by the Board, we are confident that Presque Isle Downs, with the financial support of Churchill Downs behind it, will continue to be open and, with ongoing modifications, we are hopeful will once again thrive. Certainly, the Board is going to take whatever steps it can to help make that happen,” Smyler said…