Philadelphia City Council Rules Committee Unanimously Approves Zoning For $450 Million Stadium District Hotel And Casino

Nov 16, 2015, 17:57 ET from Stadium Casino, LLC

PHILADELPHIA, Nov. 16, 2015 /PRNewswire/ -- The Philadelphia City Council Rules Committee today unanimously endorsed the zoning for Stadium Casino, LLC's new destination hotel casino resort in Philadelphia's Stadium District.  The Project, which was awarded the last casino license in the Commonwealth by the Pennsylvania Gaming Control Board in late 2014, is being developed in partnership between The Cordish Companies and Parx Casino ("Parx").  

The privately financed $450 million world-class project will be located at 900 Packer Avenue, bound by 10th and Darien Streets, and will include a Las Vegas-style casino floor featuring 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 is immediately proximate to the Philadelphia Sports Complex, already a major tourist destination, drawing 8.5 million visitors a year. Ideally situated off Interstates 76 and 95, the property is positioned to become a true regional destination resort casino.

"We appreciate the confidence shown in our team by the City Council," stated Zed Smith, COO of The Cordish Companies and Tony Ricci, CEO of Parx Casino.  "We can't wait to get started in creating thousands of jobs and career opportunities for the people of Philadelphia."

Stadium Casino, LLC will set a new standard in development in the City of Philadelphia in the areas of economic opportunity and inclusivity for local residents. The Project will generate over $2 billion in economic stimulus along with $100 million in tax revenues for the City in just its first five years of operation, including $25 million to Philadelphia's School District. Stadium Casino will also create 3,000 new construction jobs which will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction. Upon completion of the Project, 2,000 new permanent jobs will be created.  Hourly workers will earn a living wage of at least $12 per hour for all employment categories including subcontractors and vendors. Career opportunities will be available in every field, including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance and gaming operations. 

Stadium Casino has committed to a groundbreaking Economic Opportunity Plan with the City of Philadelphia that has set several unprecedented goals in the areas of minority and local hiring initiatives. These goals include 58-65% of the construction contract value to be Minority Business Enterprises/Women Business Enterprises (MBE/WBE); 58-60% of the post-construction professional services and supplier contract value to be MBE/WBE; 50% of the construction workforce to be minority; 50% of the permanent workforce to be minority and 40% to be women; 50% of the construction and permanent workforce to be local residents and 85% to be Commonwealth residents. The Project is also committed to establishing partnerships with local educational institutions to operate training programs for potential workers at the casino, including pre-opening community-based job fairs; local job placement workshops; on-line job postings, job matching and customized recruitment services; contractor mentoring and apprenticeship; community-based information sessions on job opportunities and training programs; and community college and university partnerships for job placement. 

The Stadium District Hotel and Casino project will be one of the major charitable contributors and participants in the community and has received support from all five surrounding South Philadelphia Neighborhood Groups, including the Sports Complex Special Services District, Stadium Community Council, Veterans Stadium Neighbors Civic Association, Whiteman Council and the South Philadelphia Communities Civic Association. Stadium Casino remains committed to engaging community groups and residents within the civic associations to work together to enact improvements in the neighborhoods and has established a Community Charitable Fund amounting to a minimum of $15 million in grants from the project to local communities during construction and the first 20 years of operations.

As previously announced by Councilman Kenyatta Johnson, a Diversity Advisory Board has been formed to collaborate with Stadium Casino, LLC in its efforts to engage and provide opportunities to minority, women, veteran and local businesses and individuals to maximize the impact of the Project on the community.  The Board is currently comprised of 16 members including leaders from the following organizations: The Cordish Companies; Parx Casino; Philadelphia NAACP; Black Clergy of Philadelphia; Drexel University; African American Chamber of Commerce of PA, NJ and DE; Laborers' International Union-Local 332; The Enterprise Center; Philadelphia Dominican Grocers' Association; Global Synergies; Philadelphia Works, Inc.; JEVS; Asian American Chamber of Commerce of Greater Philadelphia; Office of Councilman Kenyatta Johnson; Philadelphia Job Corps; and the Philadelphia Office of Economic Opportunity. 

"The Stadium Casino agreement with the City is transformative and sets a new gold standard for inclusive economic development in the City," stated Steven Bradley, Chair African American Chamber.

ABOUT STADIUM CASINO, LLC
Stadium Casino, LLC, a partnership between The Cordish Companies and Parx Casino  ("Parx"), was selected in November 2014 to develop a $450 million world-class resort hotel & casino complex for the City of Philadelphia, after a rigorous and competitive selection process by the Commonwealth of Pennsylvania's Gaming Control Board.  The Cordish Companies are a century-old national real estate developer, and own and operate Philadelphia's XFINITY Live!, as well as Maryland Live! Casino in Hanover, Maryland.  Parx is the owner and operator of Parx Casino in Bensalem, as well as multiple other properties in the Philadelphia area.  Maryland Live! Casino and Parx are the two top-grossing casinos in the Mid-Atlantic region, generating hundreds of millions of dollars per year in taxes.  Stadium Casino, LLC was selected based on its owners' proven track record as developers and operators of hotel and gaming facilities, their accomplishments as nationally-recognized urban developers, and their leadership in the areas of diversity and inclusion in the construction, hiring and ongoing operations of their businesses.

The destination resort project will be located at 900 Packer Avenue, bound by 10th and Darien Streets, in the heart of the Stadium District in South Philadelphia.  It will include a Las Vegas-style casino floor, featuring more than 2,000 slot machines and 125 table games, a 200+ room upscale boutique hotel and full spa, nationally-recognized restaurants and live entertainment venues, valet parking and an approximately 2,600 space parking garage. 

ABOUT THE CORDISH COMPANIES
The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Real Estate Development, Gaming & Hospitality, Entertainment Management and International Urban Planning & Development. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located.

Prime examples are The Cordish Companies' prominent role in the redevelopment of Baltimore's world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family's core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter @cordishco.

"The Cordish Companies," "The Cordish Company" and "Cordish" are trademarks used under license by independent corporations, legal liability companies and partnerships ("Cordish Entities"). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names "Cordish," "The Cordish Companies" or "The Cordish Company" here or elsewhere.

ABOUT PARX CASINO
Bob Green, Chairman of Parx, 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.

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SOURCE Stadium Casino, LLC