Philadelphia is closer to getting its version of the Maryland Live Casino after the city’s planning commission approved a master project plan for a Stadium Casino facility from The Cordish Cos.
The venue, described as a “world-class resort project” in a press release, will include a 2 million-square-foot facility with a Las Vegas-style casino floor that has more than 2,000 slot machines and more than 125 table games; an upscale boutique hotel with spa, valet parking; a 3,000-space parking garage; and nationally recognized destination restaurants and live entertainment venues, said a company statement. The project still needs final approval from the Pennsylvania Gaming Control Board.
The resort casino would be located on 900 Packer Ave., in the heart of South Philadelphia’s Stadium District. The area, known as the Philadelphia Sports Complex, is already a major tourist destination, drawing 8.5 million visitors a year, according to the press release.
The Cordish Cos. said the project would generate approximately $400 million in economic benefits during construction, which includes the creation of 3,000 direct and indirect jobs. After the project is done, the venue will create more than 2,000 new jobs and attract 4 million visitors to the market.
The venue would generate $300 million a year in gross gaming revenues, more than $1.6 billion in the first five years, bringing in $130 million per year in state in local taxes per year, Cordish predicted.
Cordish Cos., which are family owned, are based in Baltimore and are the developers of Maryland Live.