Philadelphia City Council Unanimously Approves Zoning For $450 Million World-Class Stadium District Hotel & Casino

Dec 10, 2015, 13:46 ET from Stadium Casino, LLC

PHILADELPHIA, Dec. 10, 2015 /PRNewswire/ -- The Philadelphia City Council today unanimously approved the zoning for Stadium Casino, LLC's new destination hotel casino resort in Philadelphia's Stadium District. The zoning was previously approved by the City Council Rules Committee in a unanimous vote of 8-0 and the City Council today approved the zoning 14-0. 

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 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," stated 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."

Stadium Casino will create thousands of jobs including 3,000 new construction jobs, which will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction, and 2,000 new permanent jobs upon completion of the project. 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. 

"We're proud to bring thousands of jobs to the City of Philadelphia and to be able to offer a diverse range of career opportunities for so many people," stated Zed Smith, Chief Operating Officer of The Cordish Companies.  "It's very important for us to be an economic engine for the communities in which we're located and that means going to a great extent to hire people from the local community."

The Project is projected 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 Stadium District Hotel and Casino project will also be a major charitable and community participant. Pursuant to a Community Benefits Agreement entered into between Stadium Casino and the five community groups surrounding the project, Stadium Casino will contribute $15 million over the first 20 years alone to enhance its community's neighborhoods with investments in projects such as parks, recreation facilities, schools, and traffic and security improvements. These local contributions are in addition to the significant charitable contributions the Company plans to make in the broader Philadelphia area.

"The partnership we have created with The Cordish Companies is a powerhouse combination," stated 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."

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.  

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