The Cordish Companies of Baltimore announced on Wednesday it is taking full ownership of the developer of a long-delayed project to the construction of Philadelphia’s next casino, The Philadelphia Inquirer reported.
Casino & Hotel, and also a subsidiary of casino and racetrack operator Greenwood Gambling have previously partnered to collectively develop a casino resort in South Philadelphia.
The announcement about Cordish assuming full ownership of Stadium came soon after reports had surfaced the two spouses had a rift and were trying to find a buyer for their Pennsylvania gaming licenses.
Aside from this South Philly casino license, Stadium was likewise issued a license to open a mini-casino at Westmoreland County as part of an ongoing gaming expansion across Pennsylvania. Cordish said yesterday it would take ownership of that undertaking, too.
In a statement from yesterday, the company stated that They’re excited to
Now immediately get to work on building and launching two first-class casinos for Pennsylvania, which will create thousands of new, quality jobs for local residents, and countless millions of dollars in new taxes to the commonwealth.
Cordish failed to disclose the conditions under which it has acquired the Stadium joint venture.
Project Marred by Delays
As stated before, Stadium was selected as the winning bidder for South Philadelphia’s second casino at 2014. However, the company has not managed to move ahead with the job for several years as it has confronted multiple challenges, such as legal action by its competitors in the bidding procedure .
Regardless of the challenges, Stadium has signaled big plans for the Pennsylvania gaming market. In 2017, the company paid a $50-million license fee to operate 1,500 slot machines at its South Philadelphia casino. It pad just another $24.5-million fee this past summer to run table games at your home. Those measures made it eligible to apply for an Internet gambling license. And as mentioned previously, the company has also become one of the few of operators to have obtained a license for the construction of a mini-casino from the state.
Back in January, the company closed a $37-million bargain to purchasing the website of a former Holiday Inn at 900 Packer Avenue at South Philadelphia, where it planned to build its casino resort. Stadium has since then demolished part of the former hotel complicated to generate space for the own property. But, employees stopped demolition last month and it is yet unclear when they’ll resume work.
What could be Philadelphia’s instant casino will also comprise multiple dining facilities, a live music venue, a parking garage for 2,500 vehicles, a pool, and spa and fitness facilities, amongst others.
Stadium recently employed with the Pennsylvania Gaming Control Board to get a three-year extension of its deadline to commence operation at the Packer Avenue property. If its application is successful, the casino property is expected to swing its doors open at December 2021. However, staff at the gambling regulator has advocated a two-year extension as a “more adequate” deadline to the opening of the complicated. The gambling board is yet to announce its choice.
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