Share 
The Pennsylvania Gaming Control Board unanimously renewed licenses for Presque Isle Downs and Hollywood Casino Morgantown during a monthly meeting last week.
The PGCB renewed Presque Isle Downs‘ license despite questions about financial sustainability of the property.
Both properties underwent a two-part process, which includes a hearing that is open to the public and another hearing in Harrisburg.
PGCB to monitor Erie casino
Presque Isle faces a lot of competition from New York casinos besides being located about an hour from Cleveland. In addition, skill games remain a big threat to the Erie property.
Casino GM Gary Hendricks talked about his concerns for “long-term sustainability” in May. However, the PGCB, along with the Bureau of Investigations and Enforcement and Office of Enforcement Council, are fairly confident of the property’s financial suitability over the next 12 months.
PGCB Chairperson Denise Smyler said in a statement after the decision last week:
“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 five 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.”
Special conditions for Presque Isle Downs
Despite the property’s license renewal, OEC laid out special conditions Presque Isle must adhere to. Those are:
- Annual public presentation beginning August 2026
- Quarterly financial reporting
- Annual EBIDTA budget
- Valuation reports
- Parent company financial backstop
- Bankruptcy restriction
Cyrus Pitre, chief enforcement counsel for PGCB, said these special conditions should keep Presque Isle operating.
“These conditions will keep critical, financial, and operational indicators, including liquidity, debt service capacity, asset valuations, and parent company support transparent to us subject to timely oversight.
“They will also safeguard unilateral actions that could undermine Presque Isle’s financial stability or the integrity of its operations.”
Presque Isle agreed to the special conditions.
Hollywood Morgantown also gets green light
Hollywood Morgantown also pitched a presentation to the PGCB last week during the meeting. The first part of the process started in April 2024.
The PGCB said Hollywood Morgantown remains in good standing.
“In making the decision, the board determined that Mountainview Thoroughbred Racing Association had fulfilled the obligations under the initial casino operator’s license and therefore qualified to have this Category 4 license renewed for a five-year period.”
