The zoning for the new $450 million hotel casino resort
of Stadium Casino, LLC, a partnership between The Cordish Companies and Parx
Casino, in Philadelphia's Casino District was unanimously approved by the city
council.
"We extend our thanks to the entire Philadelphia
City Council for its thoughtful decision to approve the zoning of the Stadium
Casino hotel and casino project," said Joe Weinberg, Managing Partner of
The Cordish Companies. "We are excited to create the country's first comprehensive
gaming, resort, entertainment and sports destination right in Philadelphia's
Stadium District."
According to their press release in PR News Wire, the new
hotel casino in 900 Packer Avenue, bound by 10th and Darien Streets will
feature a Las Vegas-style casino floor that will have more than 2,000 slot
machines and more than 125 table games; a new 200+ room luxury hotel, spa and
conference center; valet parking and an approximately 2,600 space parking
garage; local and nationally-recognized destination restaurants; and live
entertainment venues.
The project will provide 3000 new construction jobs
during its development and 2,000 new permanent jobs upon completion. There
would be a lot of job openings in every field including hotel operations, finance,
marketing, human resources, information technologies, food and beverage,
facilities, security and surveillance, and gaming operations.
"The partnership we have created with The Cordish
Companies is a powerhouse combination," said Tony Ricci, Chief Executive
Officer of Parx Casino. "Beyond generating hundreds of millions of new tax
dollars and bringing thousands of jobs for the region, Stadium Casino will be
providing substantial benefit to the local community. We look forward to
creating a world-class establishment that will be a game changer for the City
of Philadelphia."
The new casino project are estimated to generate over $2
billion in economic stimulus, over $100 million per year in taxes to the
Commonwealth including $100 million in tax revenues for the City in just its
first five years of operation and $25 million to Philadelphia's School
District. The casino is also expected to contribute $15 million over the first
20 years alone in the enhancement of the community's neighborhoods with investments
in projects such as parks, recreation facilities, schools, and traffic and
security improvements as part of the Community Benefits Agreement between the
Stadium Casino and the five community groups surrounding the project.
Source: RealtyToday
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