Philadelphia Real Estate News: Zoning for $450 Million Hotel Casino Resort in Stadium District Approved by City Council
The zoning for the new $450 million hotel casino resort of Stadium Casino, LLC, a partnership between The Cordish Companies and Parx Casino, in Philadelphia's Casino District was unanimously approved by the city council.
"We extend our thanks to the entire Philadelphia City Council for its thoughtful decision to approve the zoning of the Stadium Casino hotel and casino project," said Joe Weinberg, Managing Partner of The Cordish Companies. "We are excited to create the country's first comprehensive gaming, resort, entertainment and sports destination right in Philadelphia's Stadium District."
According to their press release in PR News Wire, the new hotel casino in 900 Packer Avenue, bound by 10th and Darien Streets will feature a Las Vegas-style casino floor that will have more than 2,000 slot machines and more than 125 table games; a new 200+ room luxury hotel, spa and conference center; valet parking and an approximately 2,600 space parking garage; local and nationally-recognized destination restaurants; and live entertainment venues.
The project will provide 3000 new construction jobs during its development and 2,000 new permanent jobs upon completion. There would be a lot of job openings in every field including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance, and gaming operations.
"The partnership we have created with The Cordish Companies is a powerhouse combination," said Tony Ricci, Chief Executive Officer of Parx Casino. "Beyond generating hundreds of millions of new tax dollars and bringing thousands of jobs for the region, Stadium Casino will be providing substantial benefit to the local community. We look forward to creating a world-class establishment that will be a game changer for the City of Philadelphia."
The new casino project are estimated to generate over $2 billion in economic stimulus, over $100 million per year in taxes to the Commonwealth including $100 million in tax revenues for the City in just its first five years of operation and $25 million to Philadelphia's School District. The casino is also expected to contribute $15 million over the first 20 years alone in the enhancement of the community's neighborhoods with investments in projects such as parks, recreation facilities, schools, and traffic and security improvements as part of the Community Benefits Agreement between the Stadium Casino and the five community groups surrounding the project.