Wednesday, August 20, 2014
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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
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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