Pennsylvania $600M Stadium Casino Project Shelved?

There were plans to build a Stadium Casino in Philadelphia, Pennsylvania that seemed cemented and sturdy as they could be, but that turns out not to be the case after all as multiple sources report that the construction of the stadium is all but dead.

It seems that the companies behind the project will ask the state commission for permission for selling the obtained licenses, which is a sure sign of withdrawing from plans.

PhillyLive! Is a No Go

Stadium Casino, whose working title was PhillyLive!, was supposed to be Pennsylvania’s 13th land-based casino and the first rumors about this venue’s termination came from Global Gaming Business’s Roger Gros who tweeted about it:

“Sources are telling us that the Philly Live! casino project is dead in the water. 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.”

The $600 million project was to be a t venture by Cordish Companies and Greenwood Racing and it was to be built in Philadelphia’s southern district.

It was to be opened in 2020 and have about 2,000 slot machines, 125 table games and 240 rooms, dining and entertainment area. It was green-lighted in January after the Pennsylvania Gaming Control Board in 2014 chose Stadium Casino LLC companies to build a second casino in this city…

…Greenwood Racing also owns Parx Casino in Pennsylvania and this conglomerate was having equal stakes in the Casino Stadium project with Cordish. But it was their ownership of Parx that precluded it from this project, it appears, until the state officials made wider gambling reforms.

What About Licenses?

It still remains unclear why the project seems abandoned at this point – the licensing alone cost about $60 million, $10 million for a Category 2 license and $10 million for online license – a further $40 million Category 4 license was acquired when the Stadium Casino won the right to build a mini casino…

…Also, Pennsylvania is on a path of legalizing sports betting, just like many other states have already done or are about to do following the PASPA repeal. Sportsbooks could have made the project even more lucrative than previously estimated – especially seeing how city’s numerous professional team’s venues are nearby.

The licenses obtained will probably be sold, but it’s not known for how much money nor what’s the procedure for that.