The East Coast will have its new luxurious casino and hotel, as it was announced mere hours ago. The Cordish Companies and Greenwood Gaming and Entertainment were granted a license by the Pennsylvania Gaming Control Board to construct the 4th gaming venue in Philadelphia. This will also be the thirteenth casino in the state of Pennsylvania.
Currently, New York authorities are just about to announce as to whether they approve of the construction of four thematic gambling facilities outside the city. What is more, the state of Massachusetts reported not long ago that two high-budget casinos would be built within its territory. There have been similar talks in Connecticut, as well.
Despite the fact that a significant number of casino operators in Connecticut, Delaware, New Jersey, and Pennsylvania have reported on a decrease in their turnover, Pennsylvania Gaming Control Board is enthusiastic about this new project, whose name was announced to be Live! Hotel & Casino Philadelphia.
David Cordish, chair of the The Cordish Companies, stated that their project would most certainly have positive effect on the local gaming market. He also pointed out that the new venue would be located “right off I-95 and I-76”, so it could be easily reached by visitors even from the neighboring states.
Mr. Cordish is also owner of Maryland Live! Casino, situated near Baltimore. At present, he is also aspiring to build a new gambling and hotel facility in South Blooming Grove, N.Y., not far from Manhattan. This ambitious project will cost him about $750 million, provided that he is awarded a license. His partner, on the other hand, is in possession of Parx Casino in Bensalem, Philadelphia. Currently, this venue is the most profitable one within the state.
The SugarHouse casino, situated on Philadelphia’s waterfront, did not approve of the state’s decision to allow the construction of yet another casino in such a close proximity. The reason for this is probably due to the fact that SugarHouse, Parx, and Harrah’s are known to be in a constant competition for visitors.
Michael Nutter, Mayor of Philadelphia, showed his support for this future expansion, for this would most certainly bring some benefits to the city such as new jobs and increased tax revenues.
Analysts, however, are not that enthusiastic about the project. According to Keith Foley, senior vice president at the Moody’s Investor Service, claimed that there were way too many casinos in the area. “There’s a risk,” he said “that the existing casinos will suffer or the new casinos will suffer.”
Live! Hotel & Casino is to be located in the southern part of Philadelphia. It will be in a near proximity to two stadiums, which attract millions of fans of football, baseball, etc. Mr. Cordish has yet another venue, located in the area. This is the so-called Xfinity Live!, a dining and entertainment complex.
The new casino facility might not be launched that quickly. The companies that have lost the bid are given 30 days to appeal against the decision. What is more, any potential lawsuits from rival venues might additionally delay the building process.
The Live! Hotel and Casino will offer to its visitors and guests 2,000 slot machines, 125 tables for all kinds of card games, and 240 luxurious rooms. Mr. Cordish stated that according to him, apart from excellent gaming options, a good casino was supposed to provide its gamblers with a wide range of other “amenities.”
$425 million will be invested in the project.
