Citybizlist Baltimore is reporting that the Philadelphia City Council unanimously approved zoning for Stadium Casino, LLC’s hotel casino resort near the stadium complex. The project is a joint project of the owners of the Maryland Live Casino near Baltimore and the Parx Casino in the Philadelphia area.
The $450 million complex will be located at 900 Packer Avenue at the site of an aging Holiday Inn.
The project will mark the further saturation of the casino business in Delaware and southeastern Pennsylvania, with the Harrah’s casino in Chester, a short drive from the new venue, expected to take a hit.
The casino could also have some impact on Delaware Park although that casino has a customer base of locals who live within a short drive of the Stanton complex. Gaming revenues in Delaware had seen some signs of stabilizing after a long period of decline.
The casino is not good news for Atlantic City, which is also seeing profits at casinos, due in part to a reduction in the number of gaming locations.
Next year, the region will see its largest single casino project in recent years with the opening of a $1 billion MGM Grand Las Vegas-style casino in National Harbor, on the other side of the Potomac from Washington, D.C. The project is expected to put pressure on the Dover Downs destination casino.
The Philadelphia complex would include 2,000 slot machines and more than 125 table games; a new 200+ room luxury hotel, spa and conference center; valet parking and an approximately 2,600 space parking garage; local and nationally-recognized destination restaurants; and live entertainment venues.
The stadium area attracts millions of visitors this year but has few nearby restaurants and other facilities. Comcast, which owns the Wells Fargo Center worked to fill that gap with the opening of the Xfinity Live dining and entertainment complex.
Stadium Casino will generate 3,000 new construction jobs, which will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction, and an estimated 2,000 new permanent jobs upon completion of the project.
“We’re proud to bring thousands of jobs to the City of Philadelphia and to be able to offer a diverse range of career opportunities for so many people,” stated Zed Smith, chief operating officer of The Cordish Companies, Baltimore, co-developer.
The project is projected to generate more than $2 billion in economic stimulus, over $100 million per year in taxes to the Commonwealth including $100 million in tax revenues for the city in just its first five years of operation and $25 million to Philadelphia’s School District.
Stadium Casino will contribute $15 million over the first 20 years alone to enhance its community’s neighborhoods with investments in projects such as parks, recreation facilities, schools, and traffic and security improvements.
“The partnership we have created with The Cordish Companies is a powerhouse combination,” stated Tony Ricci, CEO of Parx Casino. “Beyond generating hundreds of millions of new tax dollars and bringing thousands of jobs for the region, Stadium Casino will be providing substantial benefit to the local community. We look forward to creating a world-class establishment that will be a game changer for the City of Philadelphia.”
