A license permitting the demolition of the Holiday Inn has been given to The Cordish Compaies – South Philadelphia’s stadium area casino and hotel developers. Stadium Casino, which is a joint venture between Greenwood Gaming and Entertainment and Cordish Cos. will be built on 900 Packer Ave., not far from the sports stadium.
The permit was issued on Friday by the Philadelphia Department of Licensing and Inspections. The reason why the permit is granted is believed to have been the drop of an appeal, filed by venue’s rival and only licensed gambling venue in Philadelphia (until recently) – SugarHouse Casino.
SugarHouse Casino’s Attempt to Outmaneouvre Stadium Casino
SugarHouse Casino’s appeal against Stadium Casino’s gambling license was issued because Greenwood Gaming and Entertainment is an owner of another gambling venue – Parks Casino in Bucks County. The trouble is that Pennsylvania law does not permit majority gambling venue owners to hold more than one-third in shares in a separate casino. Thus, according to Pennsylvania law, Greenwood Gaming and Entertainment allegedly does not have the legal right to hold more than one-third stakes in the Stadium Casino.
The issue has bounced to and fro between state courts and gaming regulations. Consequently, after a closer look was taken at the Stadium Casino’s ownership structure, the Supreme Court ascertained that Greenwood Gaming and Entertainment’s participation in the project was legal. Later that summer, a second vote was issued in August and the Pennsylvania Gaming Control Board (GCB) unanimously approved the project. Still, the lawsuit was not dropped. No sooner than the new Pennsylvania gambling expansion law was passed, however, than the rival-casino dropped their complaint.
Presently, the project is under the ownership of The Cordish Companies. When completed, their Stadium Casino (which was renamed from Live!Casino) will be more than just a gambling venue. The venture, extending over 9-acres of land, will open more than 200 boutique hotel rooms, 2,000 slot and more than 125 table games, 2,600-space parking garage, as well as numerous nightclubs and dining venues with international popularity. $600 millions are invested in the gambling venue, investors say.
The Cordish Companies own another venture in an immediate proximity to the Stadium Casino – XFINITY Live! – The Cordish Companies’ premium dining and entertainment district. Together, the precincts will create Philadelphia’s first comprehensive gaming, entertainment, resort, and sports destination, making it a place worth its visit.
Undoubtedly, had the Pennsylvania Senate failed to pass the bill expanding the gambling business in the state than Stadium Casino would have been nothing but a far-fetched project.
The gambling expansion bill was passed in October 2017. According to it, Internet games would become legal, new set of casinos would be authorised across the state (including the Stadium Casino). And on top of it, video lottery terminals at highway truck stops would also become legal.