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.