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IEB Report for Penn National 9.18.13

IEB Report for Penn National 9.18.13

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Published by masslive
Penn National — unsuccessful in two previous bids to enter the Massachusetts gambling market — recently announced it had signed an option to purchase Plainridge and would honor the terms of the previous agreement.
Penn National — unsuccessful in two previous bids to enter the Massachusetts gambling market — recently announced it had signed an option to purchase Plainridge and would honor the terms of the previous agreement.

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Published by: masslive on Sep 18, 2013
Copyright:Attribution Non-commercial


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1. Qualifier’s Name and Verified Information

Research of available onlinepublic records and documents provided by Clifford has
verified the following information:

William Joseph Clifford

Date of Birth:
Social Security Number:

2. Employment History

Research through public records and documents provided by Clifford confirmed that he is
Senior Vice President and Chief Financial Officer of Penn National Gaming. Clifford has been
with Penn National Gaming since July 2001. Research of public business records and various
Internet sources confirmed that Clifford was employed at several casinos prior to his
employment with Penn National Gaming. Clifford was employed by Sun International Resorts
from 1997 to 2001 and by Mirage Resorts Inc. from 1989 to 1997. Prior to 1989, Clifford was
employed by the Dunes Hotel and Casino, the Aladdin Hotel and Casino, and the Las Vegas
Hilton. No derogatory information has been developed pertaining to Clifford’s employment

3. Criminal Record

The investigation also confirmed that Clifford has no criminal record history that would
subject him to regulatory disqualification from participation in this project. Likewise, the
investigation did not establish any credible information from any source on any involvement or
association with any person or entity with known organized crime history or that may pose an


injurious threat to the interests of the Commonwealth in awarding a gaming license to the

4. Education

Clifford disclosed that he attended the University of Nevada-Reno and received a
Bachelor of Science degree in Business Administration (Accounting) in 1980. Research with the
Registrar’s Office confirmed this information.

5. Professional and Gaming Licenses

Clifford disclosed that he was licensed as a Certified Public Accountant in Nevada, but
the license is expired and was not renewed due to not completing the required continuing
professional education requirements. Research confirmed this information. A check with the
Nevada State Board of Accountancy revealed that this license expired on December 31, 1988,
and was voluntarily surrendered. No derogatory information or sanctions are associated with
Clifford’s license.

Clifford disclosed that he has applied for qualification in various gaming jurisdictions,
which could include US, tribal and/or international jurisdictions. Investigators requested
verification of certain US non-tribal licenses from the appropriate regulatory agencies, as noted
in the Scope and Methodology section of this report. The results of those inquiries, which
verified the applicant’s disclosure, have been received and no negative or derogatory information
is noted.

6. Directorships and Stockholdings

Research of available Dun and Bradstreet business filings, Secretary of State Records,
Experian Business Reports, Hoovers Company Reports and assorted company records confirmed
Clifford’s association with Penn National Gaming. Clifford disclosed that he does not currently
hold a 5 percent or greater interest in any business entity.

Clifford disclosed that he previously owned a greater than 5 percent interest JAMB
Enterprises in Deerfield Beach, FL. Clifford advised that this was a business entity formed with

in order to sell property located at 1900 South Ocean


Boulevard, Lauderdale by the Sea, FL. He terminated his association with this entity in 2006 and
no longer owns the property.

7. Civil Litigation Records

Research of available online civil records, judgments, liens and UCC Filings in the US
did reveal records naming Clifford. The following record was located:
US District Court, District of Maryland
Case Name: Robert Katyle et al v. Penn National Gaming Inc.
Case Number: 8:08-cv-01752-PJM
Plaintiff: Robert Katyle, Herman Braude, et al
Defendant: Penn National Gaming, William Clifford, et al
Filing Date: 7/3/2008
Type: Stockholders Suits
Status: Closed
Date Closed: 2/24/2009
This case pertains to a suit filed by Penn National Gaming shareholders alleging
securities fraud. This case, which was disclosed by Clifford in his PHDF, was dismissed with

In addition, another civil record was located naming Clifford.

8. Bankruptcy

9. Property Ownership


10. Financial Suitability Evaluation

Investigators conducted an evaluation of Clifford’s financial integrity, responsibility and
stability by focusing on two areas: Clifford’s net worth statement as disclosed in his PHDF filed
with the Massachusetts Gaming Commission as of December 20, 2012, and a review of his
sources of income as reported on his PHDF and his income tax returns filed for 2009 – 2011.

Income Analysis


Net Worth Analysis




Cash in Banks

Loans Receivable



Real Estate Interests


Pension/Retirement Funds

Other Assets





Conclusion as to Financial Suitability

Upon review of all relevant information, the applicant has demonstrated the requisite
integrity and responsibility as it relates to financial stability for licensure in the Commonwealth
of Massachusetts.

11. Political Contributions

Research of available records revealed no local or state Massachusetts political

contributions for this applicant.

12. Significant Investigative Issues


13. References

The above-listed references were contacted and queried regarding the character and
integrity of Clifford. All of the references indicated that Clifford is of the highest character and
integrity, with no negative or derogatory issues noted.

No derogatory information was developed which would
preclude Clifford from being licensed by the Massachusetts Gaming Commission.


14. Media Coverage

Research of available online and print media sources did not reveal any derogatory or
adverse items relative to Clifford. He is mentioned numerous times on the Internet, however no
adverse information was found regarding this individual.

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