BestCraps.com

Gettysburg casino project majority owner surrounded by doubt and intrigue

Posted on July 19th, 2010

News Sponsored by Online Vegas Casino

Rated 5 Stars by BestCraps.com

Read Review

Visit Casino

Download Software

————————————————

David Levan, a Gettysburg businessman, is known by Mason-Dixon officials to be the principal partner for the casino project proposed in Cumberland Township. However, a report filed by the Gaming Control Board of the state of Pennsylvania says otherwise. According to this report, Joseph Lashinger Jr., Levan’s partner, is the real major partner of the project owning 98% of the share.

Levan’s stake equals only 2%. The Concerned Citizens of Cumberland Township are now raising concerns about the clarification on the casino project ownership. Joseph Lashinger Jr. is a former executive on Penn National Gaming, and Harrah’s Chester Casino and Racetrack’s lead partner. He is also formerly a state representative of Montgomery County.

Concerned Citizens of Cumberland Township leader Al Ferranto is seeking for clarification. “The idea presented has been that LeVan’s the main guy, But the report talks about this Lashinger guy and why hasn’t he been around? Where’s he been?” The report also explained that while Lashinger is 98% owner and Le Van is 2% owner of the Mason-Dixon Resorts GP, LLC, the company itself is the general partner of Mason-Dixon Resorts LP, that will own and operate the proposed casino. Partnership laws indicate that general partners are in charge of the everyday management of the company, and has decision-making capabilities. 6 other investors in the project are limited partners only. “The idea is that limited partners will make their investment into the entity and in exchange they’ll have limited liability. They’ll only be on the hook for the amount of their contribution” said Widener Law school professor Michael Hussey. “What Mason Dixon is doing is fairly standard. They’ve made the general partner (Mason-Dixon Resorts GP, LLC) responsible for the day-to-day management of the limited partnership. They’re the entity that has the ability to sign contracts on behalf of the limited partnership.”

Levan is more popularly known for his significant contribution in the town of Gettysburg such as donations to the Majestic Theater and the Gettysburg College. It is for this reason that people of the town are associating Levan’s casino project to the betterment of the surrounding towns. But since Levan has only a 2 percent ownership, Hussey is doubtful Levan’s influence in the objectives of the casino project. “It’s expected that Joseph (Lashinger) is the controlling individual in this capacity,” Hussey said. “He’s always going to win. He’ll vote his 98 percent and LeVan will vote his 2 percent. He’s going to cause Mason-Dixon to take whatever action he wanted.” Spokesperson for the Mason-Dixon company released a statement that an agreement has been reached that gives permission to Levan to make final decisions in the casino project, even if his ownership percentage normally would not allow so.

Spokesman David La Torre said “ They split all costs and Dave (LeVan) has the final decision in all matters, to say otherwise is simply untrue.” La Torre explains further that Lashinger was joined in the project because of his years of extensive experience in the industry. 5 other individuals comprise the total list of owners of the casino project. Included are Jennifer Levan, wife of David Levan, and Bernard Yanetti, Levan’s long time accountant. Wife Jennifer will own 2 percent net ownership and two trust funds, while Yanetti will own one percent net ownership.

Professor Hussey further expresses the peculiarity of the business the company has created for the project, with Levan having all decision-making rights but with so little ownership percentage. Hussey adds that a proof of an agreement will properly disclose the arrangement made, but Mason-Dixon officials will not release any such document. Spokesperson La Torre is saying the buzz isn’t really for anything. “People can focus on the structure and these agreements, but it’s much to do about nothing, from day one, this project has been formulated, organized and run by Dave LeVan. “There are some who wish to make this out to be something more than it is. Their intent is to distract from one basic fact: Mason-Dixon will create 900 jobs and pour millions of dollars into the local economy.”