All in, Stadium Casino has handed over more than $114 million to the state in license fees.<\/p>\n
\nWe at Cordish are excited to now immediately get to work on constructing and opening two first-class casinos for Pennsylvania, which will create thousands of new, quality jobs for local residents, and hundreds of millions of dollars in new taxes for the commonwealth,” Cordish executive Joe Weinberg said in a statement.<\/p>\n<\/blockquote>\n
Along with the licenses, Stadium Casino bought a former Holiday Inn where it plans to build its casino and hotel. The purchase price was not disclosed.<\/p>\n
Project Resumes<\/b><\/h2>\n
Rumors began circulating last month that the Philadelphia stadium casino was off.<\/p>\n
“Sources are telling us that the Philly Live! casino project is dead in the water,” Global Gaming Business insider Roger Gros said. “The two owners, Cordish and Parx, will ask permission from the PA gaming board to sell the license. No confirmation yet, but very reliable source.”<\/p>\n
If the rumors were true, it appears Cordish had a change of heart and will now proceed with the two Pennsylvania casinos.<\/p>\n
\n
No state has recently liberalized its gaming laws more than Pennsylvania. The massive expansion passed last fall called for as many as 10 satellite casinos (only five successful bids occurred), online gambling, daily fantasy sports, slot machines in truck stops, airport gaming lounges, and sports betting.<\/p>\n<\/div>\n
Sports betting is now up and running, with Penn National’s Hollywood Casino taking the first wager last week. While sports gambling is expected to grow gaming revenues for casinos in states where it’s becoming legal in wake of the US Supreme Court’s May decision, Pennsylvania’s effective tax of 36 percent has been criticized as excessive.<\/p>\n","protected":false},"excerpt":{"rendered":"
The long-delayed Philadelphia casino set for the city’s stadium district has been in a state of flux for months, but it now appears the project is moving forward. The Cordish Companies, a Maryland-based real estate developer that owns and operates the Live! Hotel and Casino, is hoping to buy out its former partner in the […]<\/p>\n","protected":false},"author":25,"featured_media":93224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18,13592],"tags":[],"acf":[],"yoast_head":"\n
Cordish Companies Want Philadelphia Stadium Casino Project Control<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n