Wednesday, August 7, 2013

What sets casino applicant apart? Speed to get started

One of Philadelphia’s casino applicants says it could open six months before any other project — speed that could garner another $39.5 million in tax revenue, the development team said Tuesday.
Casino Revolution, one of six applicants for one casino license, hopes to develop a $428 million, 84,000-square-foot casino-hotel at 3rd and Pattison streets in South Philadelphia. The site would have at least 2,400 slots and 105 table games, as well as a 250-room hotel, a steakhouse, Italian restaurant, buffet, cafè and parking for 1,600 cars.
PHL Local Gaming LLC, the development group, includes CEO Joseph Procacci, who made his reputation in the produce industry and is known as “the tomato guy.” The casino could encompass up to 25 acres owned by Procacci Brothers.
The development would use an existing building for part of the casino — a feature that would save them six months in construction time.
If picked by regulators, and pending permits and other approvals, the development team said they could open the casino in nine months.
On Tuesday, officials involved in the team led reporters on a tour of the project.
Source: Philadelphia Business Journal

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