New Jersey Developer Announces Casino Plans
Greg Matzel's plans for a gambling casino with slot machines at the 100 year-old Pocono Manor resort took another step forward this week, the New Jersey developer announced.
Matzel said Tobyhanna Township officials unanimously approved his plan for a 370-acre subdivision to be split off the balance of Pocono Manor?s roughly three thousand acres of land. The move came at a regular Board of Supervisors meeting on Monday.
The parcel at the intersection of Interstate 380 and Route 940 is the proposed location for Pocono Manor Resort and Casino. Matzel is leading a group that plans to invest $1.4 billion in Pocono Manor. The linchpin to that plan is a gaming license that would allow up to 5,000 slot machines. Chief competition for the license is Dunmore businessman Louis DeNaples, who plans to invest $360 million to turn nearby Mount Airy Lodge into "the signature resort of the Poconos" by fall 2007.
The pair is vying for one of two stand-alone slots licenses reserved for municipalities outside Philadelphia and Pittsburgh. A decision is expected later this year.
July 13, 2006
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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