Clicky

Cordish Buys 100 Percent Control of Philly Casino Project - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
philly-live
Published on
Update on

Last Wednesday, Cordish Cos., a Maryland-based casino operator announced that it is taking complete ownership of the project developer of Philly Live! Hotel & Casino, Stadium Casino LLC. This move is a pretty huge shakeup for the long-delayed Philly Live! Hotel & Casino projects as now Greenwood Gaming & Entertainment Inc. has been officially bought out.

Stadium Casino LLC has plans to set up the Philly Live! Hotel & Casino at Packer Ave, on the site that was previously occupied by a Holiday Inn. In addition to this, Stadium Casino was also recently approved to open a mini-casino in Westmoreland County and Cordish Cos. will be taking over that project as well. This announcement comes shortly after rumors that the Cordish and Greenwood Gaming fell out and were looking for a buyer for their Pennsylvania gambling licenses. As it turns out, this was not entirely the case – apparently, Cordish is simply trying to expand its business.

According to Joe Weinberg, the managing member of Stadium Casino Baltimore Investors LLC, Cordish Cos. is pumped about getting back to work in as far as the construction of the casino is concerned. The company hopes to create thousands of jobs and millions of dollars in tax revenue for the Keystone State through the launch of its two first-class casinos.

Keeping It Low Key

Unfortunately, the terms of the details of the acquisition are yet to be disclosed – all we know is that the Cordish Cos, which also happens to operate the second-highest grossing casino in Maryland, has reached a deal to buy Greenwood Gaming & Entertainment Inc.’s stake in the Stadium Casino project. As for the figures, the project aims to build a $600 million casino in South Philadelphia as well as a satellite casino in Westmoreland County.

As it stands, Stadium Casino LLC holds a license to operate the Packer Avenue casino and it recently requested the Pennsylvania Gaming Control Board to approve a three-year extension on the launch deadline to December 2021. However, the gaming control board has reportedly responded to this request by decreeing that a two-year extension to December 2020 should be more than sufficient – the regulator is clearly not happy about the fact the long overdue project is yet to begin bringing in tax revenue for the state.

Despite these delays, the Stadium Casino project has been very promising and it appears that it will certainly operate a significant gaming presence in the Commonwealth and it is making all the necessary moves to ensure this happens. Last year, for instance, the project paid $50 million to the state for a 1,500-slot-machine-license at the Packer Avenue site as well as $24.5 million for table games. Moreover, it later bid for the state’s interactive gaming licenses and paid $40.1 million for the license to set up a satellite casino in Westmoreland County.

Latest Headlines

Rush Street Interactive Partners with Scientific Games for Pa.

Rush Street Interactive which is one of the most accomplished gambling operators in the United States has recently inked a lucrative partnership with global gaming solutions provider Scientific Games. The partnership is primarily geared toward providing top-notch gaming services to the nascent but rapidly growing online gaming market in the Keystone State. That said, customers […]

Penn National Gaming to Furlough 26K Workers and Sell Tropicana

On March 27, renowned gaming operator Penn National Gaming Incorporated announced that it would be implementing additional measures in a bid to mitigate against the impacts of the COVID pandemic. The company’s management stated that the moves were unavoidable particularly because of the uncertainty regarding when things will go back to they were. Therefore, there […]

Pennsylvania’s Online Gambling Revenue to Surge in March

The global gambling industry is one of the sectors that is feeling the pinch due to the effects of the global COVID-19 pandemic. In the Keystone State, things are no different with several retail gambling destinations having closed down temporarily as parts of the efforts to contain the spread of the virus. Even so, online […]

Pennsylvanian Man Wins Massive Jackpot While Self-Isolating

The COVID-19 pandemic is still here with us and most land-based casinos have already shut down their businesses. In Pennsylvania, efforts to contain the spread of the virus have become quite aggressive with calls for the shutdown of most social spaces including the casinos. Now, gamers have had to stay at home and this has […]

Pennsylvania Gambling Regulator Releases February Revenue Figures

On Wednesday, the Pennsylvania Gaming Control Board (PGCB) released the February revenue figures for the state’s gambling industry. Needless to say, the state has one of the most lucrative betting industries in the United States and this has been proven by all the previous revenue reports. According to the state gaming regulator, the existing 12 […]

Similar Stories in Gambling

Pennsylvania’s Online Gambling Revenue to Surge in March

The global gambling industry is one of the sectors that is feeling the pinch due to the effects of the global COVID-19 pandemic. In the Keystone State, things are no different with several retail gambling destinations having closed down temporarily as parts of the efforts to contain the spread of the virus. Even so, online […]

Pennsylvania Gambling Regulator Releases February Revenue Figures

On Wednesday, the Pennsylvania Gaming Control Board (PGCB) released the February revenue figures for the state’s gambling industry. Needless to say, the state has one of the most lucrative betting industries in the United States and this has been proven by all the previous revenue reports. According to the state gaming regulator, the existing 12 […]

Pennsylvania Casinos Begin Closure Due to Coronavirus

As the recent coronavirus outbreak continues to spread across the globe, the United States is beginning to feel the pinch. A number of changes have already been implemented in a bid to deal with the issue. In Pennsylvania, one of the ways that are being used to combat the spread of the virus is the […]

PGCB Recognizes March as Gambling Awareness Month

The Pennsylvania Gaming Control Board (PGCB) is now intensifying its efforts to promote gambling awareness in the Keystone State in a bid to protect its residents from gambling-related harm. By declaring March as the Problem Gambling Awareness Month, the state gaming regulator hopes to clean up its gambling industry and make it safer for both […]