Live! will become the second Casino in Philadelphia
After over two years of application process, the regulatory authority of the state Pennsylvania finally voted on Tuesday, November 18, and granted the second Philadelphia casino license to the Live! Hotel & Casino project.
Managed by a joint venture of two operators of the east side, the facility will be built in the stadium area of the city with a budget of 425 million dollars (343 million euros).
A very competitive market
The two groups Cordish Companies and Greenwood Gaming & Entertainment will be operating under the name Stadium Casino.
The Live! Hotel & Casino project was able to stand out against three other proposals.
The project was selected unanimously by the Pennsylvania Gaming Control Board to become the thirteenth casino in the state, the fifth in the Philadelphia area and the second in the city.
Competition is already tough enough, as the complex is going to have to compete against Harrah’s Philadelphia, SugarHouse Casino, Parx Casino and Valley Forge Casino which are already well established.
The future establishment will have to compete with the very difficult market in the north-eastern US, which is widely regarded as the most competitive of all the United States.
Many complexes in Connecticut, Delaware, New Jersey and Pennsylvania are currently experiencing difficulties.
However, this does not seem to concern David Cordish, CEO of Cordish Companies.
In fact, he is very confident as his future casino hotel is located near highways I-95 and I-76, which will allow him to expand its reach and attract players from the two neighbouring states.
13 casinos planned in 2006
It was during the year 2006 that the state of Pennsylvania legalised casinos in their territory.
From the start it was planned to allow the construction of 13 complexes.
The Pennsylvania Gaming Control Board had already issued a gaming license to the Foxwoods group for a project on the Philadelphia waterfront, but the project was never started.
For this reason the state revoked the license after 4 years and launched a new tender.
2,000 slot machines, 125 game tables and 240 hotel rooms
The Live! Hotel & Casino complex will be built in the south of the city of Philadelphia, in a very lively area that includes several sports facilities for professional football, baseball, basketball and hockey, also including two stages that attract more than 8 million visitors per year.
The game room will include 2,000 slot machines, 125 game tables.
Additionally, there will be a 240-room hotel, a parking garage and several restaurants.
