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Penn National seeks shortcut to casino deal
Wednesday, January 23, 2008 at 6:54:39 PM
A Pennsylvania casino and racetrack operator is jockeying for inside position in the race to buy Bader Field, the 150-acre former airport property, and build as many as four new casinos there.
Penn National Gaming has offered $800 million for the land, and $100 million to cash-starved Atlantic City to use as quick property tax relief in return for being able to avoid a lengthy bidding process for the land.
Under the proposal, which was first reported by The Press of Atlantic City, Penn would place $50 million in an escrow account within 10 days of closing the deal, to be used by the city for tax relief. Another $50 million would be paid within two years.
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