Could a proposed casino help solve Philadelphia's school funding crisis?
Penn National Gaming, a Wyomissing, Pa.-based casino operator, thinks so.
It is one of six groups vying for the one remaining casino license in Philadelphia, but one aspect that sets the Penn National proposal apart would be its ownership structure, the group said.
Because the company already has one casino in Pennsylvania, it would be prohibited from owning more than one-third of the proposed casino.
The other two thirds would be owned by a charitable trust that would benefit the Philadelphia School District and city employees’ pension fund. Casino operations would generate $2 million a year for the trust at the start and, in time, $20 million yearly, said Timothy J. Wilmott, president and chief operating officer at Penn National.
Penn National Gaming (NASDAQ: PENN) has 29 casinos in 18 states and Canada. Elsewhere in Pennsylvania, it has Hollywood Casino at Penn National Race Course in Grantville, Pa.
Its proposal for Philadelphia is on the 700 block of Packer Avenue. The 13-acre parcel includes Philadelphia Park’s Turf Club, which would be torn down, as well as a Pennsylvania Lottery office, a taxi depot and old loading docks.
Penn National’s proposed Hollywood Casino would be 100,000 square feet and have 2,050 slots machines, 66 live table games and a 15-table poker room. It would have parking for 3,500 vehicles. The design features a steakhouse, sports pub, casual grill, noodle bar, food court and 180-seat entertainment lounge.
Total cost: $480 million.
Penn National’s site is not far from two other proposals: the Cordish Cos.-Greenwood Gaming site is across the street (the current Stadium Holiday Inn site) and the Casino Revolution proposal at Third St. and Pattison Ave.
All three locations are just a few blocks from Citizens Bank Park.
Regulators are not expected to choose a casino until the first half of next year.
Source: Philadelphia Business Journal
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