Is it just me or does it seem like industry news in the sports gaming industry comes out every week in the state of Pennsylvania?
Another major announcement was made last Friday and it could be a game-changer for companies who want to enter or enhance the sports betting and entertainment marketplace, not only in the Mid-Atlantic region, but on the entire East Coast.
Stadium Casino RE LLC, an affiliate of The Cordish Companies, and Gilbane Building Company announced the construction of the new Live! Casino & Hotel Philadelphia, a milestone entertainment and construction project in the City of Brotherly Love.
The 1.5-million-square-foot facility, located at 900 Packer Avenue between 10th and Darien Streets, will feature 2,200 slots and electronic table games, more than 150 live action table games, a sportsbook, an upscale, 12-story (200-plus room) boutique hotel, restaurants and live entertainment venues, valet parking and a parking facility.
With the new construction project, The Stadium District as it’s known, will become the only place in the country where visitors can experience big league sports action from NFL (Eagles), NHL (Flyers), NBA (76ers) and MLB (Phillies) teams, dining and entertainment, and gaming and hotel accommodations, all in one location.
“What we are creating in Philadelphia’s Stadium District is unrivaled anywhere in the country,” said David Cordish, Chairman of The Cordish Companies in the press release announcement. “Sports fans, foodies, gaming enthusiasts, concert goers, and anyone looking for a night of fun and excitement only have to make one stop to experience it all.
“Live!’s signature customer service that treats guests like they’re a member of the family will bring them back again and again.”
What does the project mean economically to the city of Philadelphia, the state of Pennsylvania and the Mid-Atlantic region?
Economy: The project is expected to generate close to $2 billion in economic stimulus to Philadelphia, along with $100 million in tax revenues during its first five years of operation, including $25 million to Philadelphia’s School District.
Jobs: The project will create approximately 2,000 new permanent direct and indirect jobs; and approximately 3,000 direct and indirect jobs during construction, with recruitment efforts in the following fields: hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance, and casino operations to begin in early 2020.
“A big measure of our success is how we positively impact the communities where we do business,” said Cordish’s Joe Weinberg. “We have an unprecedented program in place with the City of Philadelphia that will bring meaningful opportunities to the people, businesses and organizations that make Philadelphia the vibrant city we are so proud to call our new home.
“Just as one example, we are well on our way to achieving over 50 percent participation in the construction of this project with minority and women-owned businesses.”
Both companies also announced that in addition to the Philadelphia project, a new Live! Casino will break ground later this month in Westmoreland County, approximately 30 miles from Pittsburgh.