Clicky

Cordish Buys 100 Percent Control of Philly Casino Project - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
  • 90 views
  • 3 minutes read
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

Penn National in Advanced Talks to Acquire Barstool Sports

Over the past year or so, there have been several instances where gambling companies have joined forces with sports media companies. The goal of these partnerships has been to ensure that the stakeholders are able to grow their presence in the country’s sports betting market. These partnerships majorly foster the growth and retention of audiences […]

More Highlights of Pa.’s Gambling Industry

It has just been a little over a fortnight since the new year began and already a lot has happened in the Keystone State’s gambling industry. Needless to say, much of this was expected especially considering the meteoric growth of the sector over the past year and the big promises that gaming operators gave to […]

Evolution’s Live Games Coming to Parx Casino in Pa. and NJ

Greenwood Racing Inc.-owned Parx Casino has been very busy extending its portfolio as it kicks off the new year. Recently, it integrated exclusive gaming content from Everi. As it turns out, that was just the beginning. Last week, the gaming operator announced that it has partnered with Live Casino supplier Evolution Gaming. The two intend […]

Parx Casino Integrates Exclusive Gaming Content from Everi

Parx Online, Parx Casino’s online gambling operation has recently added five stepper titles for real money online gambling to its portfolio. The five titles which are meant to further improve the gaming operator’s standing in the Keystone State are from Everi Holdings. If you are not familiar with Everi Holdings it is one of the […]

FOX Bet Offering Free Bets for the NFL Playoffs

Sports bettors in Pennsylvania and New Jersey are in for a big treat this football season thanks to a new and exciting offering from FOX Bet. The sports betting app just recently went live in Pennsylvania and it has been live in New Jersey for a while. In the period since it launched, it has […]

Similar Stories in Gambling

More Highlights of Pa.’s Gambling Industry

It has just been a little over a fortnight since the new year began and already a lot has happened in the Keystone State’s gambling industry. Needless to say, much of this was expected especially considering the meteoric growth of the sector over the past year and the big promises that gaming operators gave to […]

PGCB Posts Involuntary Exclusion List to The Public

The Pennsylvania Gaming Control Board (PGCB) kicked off the year on a rather high note through a very radical move that is intended to help it clean up its gambling industry. An Involuntary Exclusion List that comprises of a total of 809 names has now been made available to the public. The individuals that have […]

Hollywood Casino York Receives Approval From PGCB

On Wednesday, December 19, the Pennsylvania Gaming Control Board (PGCB) approved the establishment of Penn National Gaming’s $120 million Category 4 mini-casino. The approval came after Penn National delivered a presentation that outlined some of the perks that will come with the satellite casino. This mini-casino will be located at the York Galleria Mall in […]

Harrah’s Philadelphia Inks New Deal with the Philadelphia Eagles

As sports betting in the United States continues to expand, more sports teams continue to warm up to the activity. A number of lucrative partnerships have been inked in order to capitalize on the rapidly growing industry. Last Monday, Harrah’s Philadelphia Casino and Racetracks announced that it has entered into a partnership with the National […]