South Philly Casino Gets Key Approval From CityProject Still Needs Final Approval From State |
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A new $500 million casino in Philadelphia got crucial approval from the city Planning Commission on Tuesday. Officials gave the OK to the proposed master project plan for the Stadium Casino facility to be located at 900 Packer Ave in South Philly.
The Las Vegas-style casino will join SugarHouse Casino as the only casinos within city limits. There are an additional two casinos located just outside Philadelphia.
The complex will have two-million square feet of gaming floor space, with 2,000 slots and more than 125 table games. The project is a joint venture from Cordish Cos. of Baltimore and Greenwood Gaming & Entertainment, which is based in Bensalem, Pennsylvania. Cordish owns Maryland Live! Casino and the latter operates Parx Casino. A license was awarded for the casino in November, but the Pennsylvania Gaming Control Board needs to give final approval to the plan.
“We extend our thanks to the Planning Commission for its thoughtful consideration of the project plan,” Joe Weinberg, Managing Partner for The Cordish Companies, said in a statement.
“With our preeminent location, innovative, world-class architecture, interior design and exciting resort, dining and entertainment venues, guests from all over the world will experience the country’s first comprehensive gaming, resort, entertainment and sports destination right in Philadelphia’s Stadium District.”
The project beat out a handful of other bidders, which at one point included Las Vegas mogul Steve Wynn, who eventually withdrew and has been focused on a casino near Boston.
According to the companies, $400 million in economic benefits will be generated during construction, which includes 3,000 new jobs. Roughly 2,000 are expected to be permanent.
The casino is expected to generate gaming revenue of more than $300 million per year.
The project is being challenged in court by SugarHouse Casino. The Pennsylvania Supreme Court is currently mulling over the argument that the license for Live! Hotel & Casino Philadelphia isn’t valid because of the owners already having an interest in Parx Casino.
A decision is expected to come this fall, according to Philly.com.
Pennsylvania gaming revenue is $3 billion a year, but it hasn’t grown over the past two years, leading lawmakers to look at beefing up the state’s gambling industry. In addition to a new casino in Philadelphia, the Keystone State has been considering legalizing online casino games.
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