Philadelphia Planning Commission Approves Stadium Casino Master Project Plan

PHILADELPHIA, Oct. 6, 2015 /PRNewswire/ -- The Philadelphia Planning Commission today approved the proposed master project plan for the Stadium Casino facility. 

The world-class resort project, to be located at 900 Packer Avenue, bound by 10^th and Darien Streets, in the heart of the Stadium District in South Philadelphia, will include a 2 million-square-foot facility with a Las Vegas-style casino floor, featuring more than 2,000 slot machines and more than 125 table games; an upscale boutique hotel; spa; valet parking and an approximately 3,000-space parking garage; local and nationally-recognized destination restaurants; and live entertainment venues. (Pending final gaming approval from the Pennsylvania Gaming Control Board)

"We extend our thanks to the Planning Commission for its thoughtful consideration of the Project plan," said Joe Weinberg, Managing Partner, The Cordish Companies. "With our preeminent location, innovative, world-class architecture, interior design and exciting resort, dining and entertainment venues, guests from all over the world will experience the country's first comprehensive gaming, resort, entertainment and sports destination right in Philadelphia's Stadium District."

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.

Jobs and more Jobs
The Project is projected to generate approximately $400M in economic benefits during construction, including the creation of 3,000 direct and indirect jobs. Stadium Casino partners remain committed to supporting local and regional businesses, particularly local, MBE/WBE and veteran-owned businesses, and look forward to creating new vendor contacts, developing long-term relationships, and creating a spin-off effect from the Project onto other local and small businesses. The partners in Stadium Casino are recognized as leaders in the gaming and hospitality industries in maximizing opportunities for local and minority companies and individuals in the construction and operations of its facilities.

Upon completion, over 2,000 new direct and indirect jobs will be created, 4 million additional visitors will be attracted to the market, and more than $400M per year in annual economic benefits will be generated.

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. Hiring preference will be given to local residents first, then surrounding communities.

Revenue
The Project is expected to generate Gross Gaming Revenues in excess of $300M per year, more than $1.6B during its first five years of operation; which translates into State and Local Taxes in excess of $130M per year; approximately $700M during the Facility's first five years.

"The size and scope of the project will only serve to enhance the Philadelphia gaming and tourism market, while providing substantial benefit to the local community," said Tony Ricci, Chief Executive Officer of Greenwood Racing, Inc. "Beyond the local construction jobs, this project will have a positive impact on local, MBE/WBE and veteran-owned businesses that will provide goods and services to the casino hotel destination."

Community Outreach
Stadium will also be one of the major charitable contributors and participants in the community, as the partners are in each of the communities in which they are located. Through their philanthropic outreach, the partners have in the past funded significant projects like parks and recreation facilities, health and wellness clinics, local hospitals and emergency responders and high-tech labs in schools. They have also worked closely with local community colleges and schools to provide mentor and internship programs and job opportunities for graduates.

The Stadium Casino team is committed to working with the Registered Community Organizations in the areas adjoining the stadium complex and remains committed to engage the community groups and residents within the civic associations to work together to enact improvements in the neighborhoods.

Continued Mr. Ricci, "Greenwood Racing and Cordish have demonstrated an unwavering commitment to the City and Commonwealth for many years. We look forward to creating another first-class casino destination that will generate hundreds of millions of new tax dollars and create thousands of new jobs for the region. The powerhouse combination of Greenwood Racing and The Cordish Companies, who are the two dominant operators in the Mid-Atlantic region, will deliver a game-changing addition to the Philadelphia gaming market that complements and enhances the existing array of world-class amenities, while providing substantial benefit to the local community."

About Cordish
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 & Lodging and Entertainment Management. 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. www.cordish.com

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SOURCE The Cordish Companies

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