Philadelphia Stadium Casino to Open in 2020

The massive Stadium Casino project in South Philadelphia– Live! Hotel & Casino Philadelphia – has finally got the launch date, sort of. At least we now know the year in which it will commence operations.

Managing Director of Stadium Casino LLC, Joseph Weinberg, said this Wednesday that the demolition of Holiday Inn will take place in December and that the construction of the $700 million casino venue will begin early next year, to be completed in 2020.

A Business Deal of the Decade

Stadium Casino LLC has bought the former Holiday Inn venue, where new property will be built, in January for $37 million.

The Stadium Casino near the Citizens Bank Park will create an abundance of business opportunities as it will operate in vicinity of numerous Philly sporting franchises such as NBA 76’ers , NHL Flyers, NFL Eagles and MLB Phillies.

Comments Weinberg: “We really look at this as a world-class integrated development. Our vision for this project is that it becomes part of what really would be one of the most unique sports/gaming/hospitality destinations in the country.”

The Pennsylvania Gaming Control Board has agreed to a two-year extension of deadline until December 2020, when at least slot machines will begin their operations.

This is a bit of relief for all parties involved, as well as future Casino goers too, because only a month ago it seemed like the project was hanging by a thread.

The Most Expensive Project

Even while still in inception, the project has had a change of ownership: Cordish Cos. Of Baltimore has acquired the sole control of Stadium Casino LLC last week by purchasing its partner Greenwood Gaming & Entertainment Inc. This will be the most expensive construction project in Philadelphia with the

completion of the Comcast Technology Center that costs $1.5 billion.

Weinberg said, underlying the importance of this project to the city of Philadelphia, that city officials are just as eager to see it done. “If anything, they’re pushing us as much as we’re pushing ourselves.”

Will There be Any Obstacles?

A former state representative from Philadelphia, Kathy Manderino, is one of the few doubters who can see certain obstructions preventing the demolition and construction going according to plans.

She expressed her concern, saying that as a former citizen of Philly, she saw similar projects fall apart at the very final stage. She asked Weinberg whether she can “breathe the sigh of relief once the company gets the building permit (that is due to be issued in December),” to which Weinberg replied that they are right now at the final stage and that they’ve been working at it hard.

When Cordish and Greenwood partnered up, it was an initial idea that the project should cost $450 million at most, but as time ed and as more ideas and plans came to existence, the costs rose to the current $750 million.

Source:

“Long-delayed Philly stadium casino sets 2020 target for start-up”, philly.com, November 28, 2018.