Philadelphia Moves to Cash its Chips
- Oct 09, 2015
In a major step for the proposed $500 million Live! Hotel & Casino in Philadelphia, the project’s master plan received approval from the city planning commission.
Stadium Casino L.L.C. is behind the project at 900 Packer Ave., in South Philadelphia, according to Philly.com. The partnership comprises Cordish Cos. of Baltimore, whose properties include Xfinity Live!, and Greenwood Racing Inc., owner of Parx Casino in Bensalem, Pa.
Pending rezoning and gaming approvals from the Philadelphia city council and the Pennsylvania Gaming Control Board, the project would follow the SugarHouse, which opened five years ago on the Delaware riverfront in Fishtown.
Plans for the Live! Hotel & Casino call for a two million-square-foot facility with a Las Vegas-style casino floor, featuring more than 2,000 slot machines and more than 125 table games, an upscale 19-story boutique hotel, spa, valet parking and an approximately 3,000-space parking garage, local and nationally-recognized restaurants, as well as live entertainment venues.
Once final permits are in place, the resort could be developed in about 15 months. Upon completion, the new development is expected to create over 2,000 new direct and indirect jobs, attract four million additional visitors to the market and generate more than $400 million in annual economic benefits. Estimates show that the project’s gross gaming revenues will exceed $300 million per year.
Rendering: The Cordish Cos.