New Philly Casino Clears Another HurdleProject Receives Preliminary Zoning Approval |
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A new casino in Philadelphia took another key step toward finally becoming a reality this week after the City Council Rules Committee unanimously gave preliminary approval for the project at a public hearing on Monday.
A full vote on the zoning is expected by Dec. 3, according to The Philadelphia Tribune.
The casino already has beat out a handful of competitors for the state license.
The Las Vegas-style casino, to be called Live! Hotel & Casino Philadelphia, will join SugarHouse Casino as the only casinos within city limits. There are two more casinos located just outside Philadelphia.
The $500 million project is a joint venture from Cordish Cos. and Greenwood Gaming & Entertainment. According to the companies, $400 million in economic benefits will be generated during construction. The casino is expected to generate gaming revenue of more than $300 million per year.
The complex will have two-million square feet of gaming floor space, with 2,000 slots and more than 125 table games. The casino’s so-called master plan was approved in October.
The casino will be the 13th in Pennsylvania, which has casino gambling revenue of slightly more than $3 billion a year, but it hasn’t grown over the past two years.
Lawmakers in the Keystone State are considering legalizing online casino games in an effort to shore up the industry. According to the Poker Players Alliance, a vote on an online gaming bill had a chance of happening Tuesday, though it could still take place this week.
The House Gaming Oversight Committee has a hearing planned for Wednesday morning.
Pennsylvania is in the midst of a protracted 2016 state budget debate.
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