BALTIMORE and BENSALEM, Pa.—The Pennsylvania Gaming Control Board has awarded the final Category 2 gaming license in the City of Philadelphia to The Cordish Companies and Greenwood Gaming and Entertainment Inc. for their proposed Live! Hotel & Casino Philadelphia project. The hotel, gaming, and entertainment destination will be located on the site of the existing Stadium Holiday Inn in the heart of the Stadium District in South Philadelphia.
Live! Hotel & Casino Philadelphia will include an approximately 200,000-square-foot facility with a Las Vegas-style casino floor, featuring 2,000 slot machines and 125 table games; an upscale 240-room boutique hotel; a new, approximately 2,500-space parking garage; local and nationally-recognized destination restaurants, and live entertainment venues.
According to the companies, the project will maximize visitation, both local and out-of-market, and generate approximately $400 million in economic benefits during construction, including the creation of 3,000 direct and indirect jobs. Upon completion, the project will create over 2,000 new direct and indirect jobs, attract 4 million additional visitors to the market and generate over $400 million per year in annual economic benefits. Live! Hotel & Casino is expected to generate gross gaming revenues in excess of $300 million per year, over $1.6 billion during its first five years of operation; which translates into state and local taxes in excess of $130 million per year; approximately $700 million during the facility’s first five years.