The Cordish Companies And Greenwood Gaming & Entertainment Inc. Reach Agreement With City Of Philadelphia On Groundbreaking Initiatives For $450 Million Stadium District Hotel And Casino

Nov 13, 2015, 11:15 ET from Stadium Casino, LLC

PHILADELPHIA, Nov. 13, 2015 /PRNewswire/ --

FOUR GROUNDBREAKING INITIATIVES:

  1. Unprecedented Commitments for Inclusiveness and Local Opportunity
  2. Commitment to Living Wages
  3. All Five South Philadelphia Neighborhood Groups Support Project
  4. Formation of a Diversity Advisory Board

Stadium Casino, LLC, a partnership between The Cordish Companies and Greenwood Gaming and Entertainment Inc. ("Parx"), which is developing the new destination resort casino in Philadelphia's Stadium District, announced today four trailblazing initiatives agreed to with the City.  These agreements set a new standard for development in the City in areas of economic opportunity and inclusivity for local residents.  Stadium Casino's $450 million project, which will be entirely privately financed, will generate over $2 billion in economic stimulus to the City, 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, and create 3,000 new construction jobs and 2,000 permanent jobs.

1. UNPRECEDENTED COMMITMENT TO INCLUSION AND LOCAL ECONOMIC OPPORTUNITY. 

Stadium Casino, LLC has committed to a groundbreaking Economic Opportunity Plan with the City of Philadelphia that calls for goals of:

  • 47% to 58% of construction contractors to be Minority Business Enterprises/Women Business Enterprises (MBE/WBE). 
  • 50% to 60% post-construction professional services and suppliers to be MBE/WBE. 
  • 42% to 50% of the construction workforce to be minority.
  • 50% of the permanent workforce to be minority and 40% to be women.
  • 60% of the construction and permanent workforce to be local residents and 85% to be Commonwealth residents.

Stadium Casino, LLC will establish a partnership with local educational institutions to operate training programs for potential casino dealers and other hospitality workers at the casino. The development will be operated in an inclusive and welcoming manner to all guests and will not have a dress code in any part of the facility.  The Plan contains significant additional commitments from Stadium Casino, LLC that will further ensure the project has a diverse and inclusive workforce.  These include, in part:

  • 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
  • Community College and University Partnerships for Job Placement

2. COMMITMENT TO LIVING WAGES FOR ALL 5,000 EMPLOYEES. 

  • Commitment to a minimum wage of no less than $12.00 per hour for the 2,000 permanent jobs and all contractors during operations. 
  • The 3,000 construction jobs will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction, which will be all union.
  • Of note, approximately 750 of the permanent jobs will be associated with table games, with expected average total compensation of approximately $70,000 per annum, including tips.

3. COMMUNITY SUPPORT FROM ALL FIVE SURROUNDING SOUTH PHILADELPHIA NEIGHBORHOOD GROUPS. 

Stadium Casino, LLC has signed a Community Benefits Agreement (CBA) with all five community groups located in the neighborhoods surrounding its project in South Philadelphia.  The CBA:

  • Establishes a Community Charitable Fund amounting to a minimum of $15 million in grants from the project to local communities during construction and the twenty years of operations.
  • The Charitable Fund grants will be administered by a Community Advisory Board, comprised of members from each of the respective civic associations.
  • Calls for Community Employment and Vendor Contract Opportunities for local residents and businesses during construction and operation of the project. Stadium Casino will hold special employment and vendor fairs for local residents and businesses.

"We have been impressed by the community engagement efforts initiated by Stadium Casino, LLC since the very beginning of their outreach into the neighborhood," said Mark Kapczynski, President of the Whitman Council.  "We feel we have created an agreement that addresses and protects community interests and demonstrates Stadium Casino LLC's commitment to being a good neighbor."

4. FORMATION OF A DIVERSITY ADVISORY BOARD. 

Stadium Casino, LLC has agreed to report to a Diversity Advisory Board to facilitate compliance with the groundbreaking Equal Opportunity Plan outlined above.  Councilman Kenyatta Johnson will shortly announce the Committee members as well as additional details on the Committee.

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

Zed Smith, COO of The Cordish Companies, and Tony Ricci, CEO of Parx Casino stated, "We are proud that this agreement sets a new standard for inclusivity and opportunity for the Philadelphia community, and is consistent with the principles and practices of Cordish and Parx."

ABOUT STADIUM CASINO, LLC
Stadium Casino, LLC, a partnership between The Cordish Companies and Greenwood Gaming and Entertainment Inc. ("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 development recently received master plan approval from the Planning Commission of the City of Philadelphia, and is now before the City Council of Philadelphia for zoning approval.  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 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.

Photo - http://photos.prnewswire.com/prnh/20151113/287169

SOURCE Stadium Casino, LLC