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    Pennsylvania Casino Enjoys Turnaround

    23.05.12

    Mount Airy Casino Resort, one of Pennsylvania's first stand-alone casinos, is enjoying a change in fortune after years of tough times and a legal cloud over its ownership.

    The Pocono resort's gambling revenue has stabilized, thanks in part to Pennsylvania's decision to permit casinos to offer table games as well as slots.

    Most recently, Mount Airy got a reprieve on its $290-million debt that was coming due in August with a deal engineered by J.P. Morgan Chase. The bank, which has been active in the gambling industry debt market lately, restructured and reduced the casino's debt to $165 million by bringing in new investors and transferring some of the casino's debt to other properties.


    Source: MyFox Philadelphia