An attorney for Joseph Procacci, the Philadelphia produce magnate whose group of investors bought the stalled Lawrence Downs racino project in Western Pennsylvania in September, said deadlines being imposed by the state Harness Racing Commission for financing and the start of construction are “untenable,” and that Procacci could pull out of the project if they are not rescinded.
Procacci’s group needs the state’s final harness racing license to qualify for the Category 1 casino license for Lawrence Downs, a project in Lawrence County around 50 miles northwest of Pittsburgh that his group bought as the latest of a succession of owners who dumped the project due to financing and other concerns. It would take the final casino license available under Pennsylvania’s 2004 gaming law.
Procacci, who was one of the losing bidders for Philadelphia’s second casino license, is planning a $210 million casino, and has put up a required $50 million bond for the casino license. Last week, Procacci’s lawyer John O’Riordan told the Pittsburgh Tribune-Review that the developer is likely to revoke the bond and drop the project if Harness Racing Commissioner Jonathan Newman insists on maintaining the strict project deadlines.
The harness commission has imposed a deadline of January 21 for proof of financing and the completion of groundbreaking and 25 percent of construction by October 2016. O’Riordan told the Tribune-Review those deadlines are “absolutely unworkable and untenable,” noting potential appeals by competing casinos and other events that could delay the project.
Procacci filed a motion for reconsideration of the deadlines. The racing commission will rule on the appeal by December 25.
