Monday, May 4, 2015

SugarHouse: $195 Million Loan Means Groundbreaking Soon

SugarHouse, a casino planned for the Delaware riverfront in Fishtown, just announced that it has finalized terms on a $195 million loan to start construction. The casino's investors say they are on track to break ground for construction in the coming weeks and open in 10 months on Delaware Avenue at Shackamaxon Street.

SugarHouse: $195 Million Loan Means Groundbreaking Soon

SugarHouse plans to build a casino on this riverfront lot on Delaware Avenue at Shackamaxon Street.
SugarHouse plans to build a casino on this riverfront lot on Delaware Avenue at Shackamaxon Street.

SugarHouse, a casino planned for the Delaware riverfront in Fishtown, just announced that it has finalized terms on a $195 million loan to start construction.  The casino's investors say they are on track to break ground for construction in the coming weeks and open in 10 months on Delaware Avenue at Shackamaxon Street.

The investors last week sought help from the state Gaming Control Board, which issued their casino license in December 2006.  The lender, SugarHouse explained, wanted the title to the property and the casino license consolidated in one holding company. The board unanimously agreed to transfer the casino license to the corporation that controls the land.

After the jump, you can read the SugarHouse news release about the new loan.

Sugarhouse Casino Finalizes Financing

Groundbreaking for project expected in coming weeks

Philadelphia: SugarHouse HSP Gaming, L.P., today finalized and closed on a $195 million credit facility that will allow the company to build the SugarHouse Casino immediately. The credit facility won the unanimous approval by the Pennsylvania Gaming Control Board (PGCB) at a special meeting last Wednesday. With the immediate funding of construction, SugarHouse Casino is on track to open for business in approximately 10 months.

"We are very excited about finalizing the financing and moving ahead quickly to build a world-class entertainment facility along the banks of the Delaware River,” said Greg Carlin, SugarHouse’s CEO. “We want to thank all of our supporters over the last few years and we look forward to showing all of Philadelphia what a great neighbor we will be.”

“We’d like to thank the Gaming Board and its staff for all of their hard work and support in completing this financing,” said SugarHouse Chairman Neil Bluhm. “We’d also like to thank the Governor, Mayor, City Council, the Planning Commission, other elected and appointed officials and their respective staffs for all of their support and for helping us to obtain the necessary approvals to build our modified plan so that we can open for business sooner than our original plan would have permitted.”

Credit Suisse and Jefferies Finance LLC were joint lead arrangers for the credit facility.

About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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