The Philadelphia City Council announced that its members approved unanimously the zoning for the Live! Hotel & Casino project proposed by Stadium Casino, LLC. The venue is to be located in an immediate proximity to the city’s Stadium District. The proposed plan was formerly approved by the Philadelphia City Council Rules Committee.
Stadium Casino, a joint venture between Pennsylvania’s Greenwood Racing Inc. and Maryland’s The Cordish Companies, wants to build a $450-million resort that would feature a Las Vegas-style casino with more than 2,000 slot machines and 125 table games, a luxury 200-room hotel, a conference center, a number of food and beverage, and entertainment options, spa, as well as a valet parking with 2,600 spaces.
The hotel and casino venue will be located near the city’s Sports Complex, which is known as a popular tourist destination that annually draws more than 8.5 million visitors.
Commenting on the Philadelphia City Council’s zoning approval, The Cordish Companies Managing Partner Joe Weinberg said that they are all really thankful for that “thoughtful decision” and that they are particularly excited to establish what would be the nation’s first “comprehensive gaming, resort, entertainment, and sports destination.”
Stadium Casino’s project is expected to create more than 3,000 temporary construction jobs and 2,000 permanent jobs once the multi-million-dollar complex is completed. The hotel and casino venue is projected to contribute more than $2 billion in economic stimulus to the state. What is more, once fully operational, it is expected to annually generate more than $100 million in tax revenue.
Philadelphia is to receive more than $100 million in tax revenue within the first five years of its operations. In addition to this, the destination resort is to contribute $25 million to the city’s School District.
Commenting on the ambitious project, Tony Ricci, CEO of Parx Casino and Racing, owned by Greenwood Racing Inc., said that their partnership with The Cordish Companies “is a powerhouse combination” that would not only generate hundreds of millions in tax revenue and thousands of jobs for residents of the region, but will also benefit significantly local community. Mr. Ricci further noted that they look forward to launching what would be a world-class destination resort that would change Philadelphia’s gaming and hospitality market for the better.
