Dominant Regional Gaming Entertainment Companies Join Forces For Philadelphia License
BALTIMORE and BENSALEM, Pa., Nov. 2, 2012 /PRNewswire/ -- Greenwood Gaming and Entertainment, Inc., owner operator of Parx Casino®, and The Cordish Companies, owner operator of Maryland Live! Casino in Baltimore/Washington, announced today the formation of a joint venture which will apply for the second Category 2 gaming license in the City of Philadelphia on the site of the existing Stadium Holiday Inn at 900 Packer Avenue. The partnership, called Stadium Casino, LLC, will develop a Las Vegas quality hotel/casino on the site, which will include an approximately 200,000 square foot facility with a first-class casino floor, fully upgraded, upscale 240 room boutique hotel, and an approximately 2,500 space new parking garage. The casino will include up to 2,000 slot machines and 125 table games. The complex will also feature world-class dining and entertainment commensurate with numerous prior projects of the partnership.
The partners are confident that this location will maximize revenues for the State of Pennsylvania and far exceed the revenues that could be generated by other potential locations in the city. The project is immediately proximate to the Philadelphia Sports Complex, itself already a major tourist destination drawing 8.5 million visitors a year including many from out-of-state. The casino site also has immediate access literally feet from on and off ramps to Interstate 76 and Interstate 95, making it an ideal site to become a true regional destination resort casino.
The Stadium Casino, LLC partnership has the financial capability and liquidity to build the development entirely out of its own cash equity, enabling the partnership to ensure the completion of the development in an expedited fashion. In short, the partnership, uniquely, is not dependent on third party debt or equity to develop its full facility.
This will be the sixth major casino development of The Cordish Company, and will complement its recently completed Maryland Live! mega-casino located a few miles from the Thurgood Marshall Baltimore Washington International Airport in Maryland. Greenwood Gaming and Entertainment, Inc. developed Parx Casino®, from the ground up, its spectacularly successful casino and entertainment complex in Bensalem, Pennsylvania. Parx Casino® is the highest grossing, most profitable casino in the State of Pennsylvania, as is the Maryland Live! facility in the State of Maryland.
About The Cordish Companies
The Cordish Companies (www.cordish.com), now in its fourth generation of family ownership, is an international conglomerate of businesses including one of the leading real estate development companies, entertainment and gaming companies in the United States. The company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential. The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from gaming, restaurants/clubs to live music promotion and film/media distribution. The Company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.
The Cordish Companies is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations. Many of The Cordish Companies' projects involved public/private partnerships and are of unique significant to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa, FL; Kansas City, MO; and Towson, MD.
The Cordish Companies has received the highest possible national awards in its various areas of expertise. In real estate. The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence.
About Greenwood Gaming and Entertainment, Inc.
Bob Green, Chairman of Greenwood Gaming and Entertainment, Inc., was a major contributor in bringing legalized gaming legislation to Pennsylvania in 2004. His vast experience in the wagering industry, beginning in the UK, brought him to the United States with tremendous success in the racing and gaming arenas. Since opening in 2006, Parx Casino® continues to be the #1 revenue generating casino in Pennsylvania. Gaming in Pennsylvania is now the second-highest grossing gambling jurisdiction behind Nevada.
Parx Casino®, largest and most impressive gaming complex in Pennsylvania, and Parx Racing®, legendary thoroughbred racetrack, are owned and operated by Greenwood Racing, Inc. Conveniently located 20 minutes north of center city Philadelphia, I-95 exit 37 or PA Turnpike exit 351(westbound), exit 352 (eastbound) onto Street Road in Bensalem, Parx features 164,000 square feet of gaming; 3,500 slot machines; 90 live table games; 60 poker tables; live racing & simulcast action; Parx Grill, an upscale signature restaurant; Foodies food court, Chickie's & Pete's, 360 bar and nightclub; Jax sports bar, Finish Line bar, SangKee Noodle Bar and complimentary parking for over 5,000 cars. For more information on Parx visit www.parxcasino.com and www.parxracing.com.
SOURCE Maryland Live! Casino