Slots license bid clouded by SEC suit

Slots license bid clouded by SEC suit

Thursday, September 19, 2013

 

By:

Jordan Graham

The Gaming Commission yesterday grilled Penn National Gaming executives over what it called poor hiring decisions as it weighed the firm’s suitability to apply for the sole slots parlor license.

Among the hires questioned was Daniel Mudd, the former CEO of Fannie Mae, who the Securities and Exchange Commission has accused of lying to Congress. Mudd was hired by Fortress Investment Group, a major investor in Penn National.

“That nobody had a concern about it is astonishing to me,” commission chairman Stephen Crosby said.

“We dealt with the facts and circumstances expeditiously,” said Wesley Edens, a Penn National board member, once they became aware of the SEC lawsuit.

Penn National has an agreement to buy the Plainridge Racecourse in Plainville for $42 million.

http://bostonherald.com/business/business_markets/2013/09/slots_license_bid_clouded_by_sec_suit