Wednesday, November 25, 2015

Two gaming veterans partner for Live! Hotel & Casino

Greenwood Gaming & Entertainment and the Cordish Cos. of Baltimore team emphasize their experience in gaming in pitching Live! Hotel & Casino in South Philadelphia.

Two gaming veterans partner for Live! Hotel & Casino

The proposed Live! Hotel and Casino would be at 900 Packer Avenue.
The proposed Live! Hotel and Casino would be at 900 Packer Avenue.

    The Philadelphia and Baltimore companies behind the Live! Hotel & Casino project emphasized their status as power players in casinos, as well as the “simplicity” of their plan.
    Greenwood Gaming & Entertainment, which operates the Parx casino in Bensalem, is joining forces with the Cordish Cos., which controls Maryland Live! as well as two Hard Rock casinos in Florida, to propose a hotel and casino in the stadium district in South Philadelphia.
    The second presentation of the morning had less razzamatazz than the Market8 show, but Joe Weinberg, the managing partner of the Cordish Cos. of Balitmore, had these words for the seven-member gaming board:
    “Greenwood and Cordish provide certainty that this project will get done and get done quickly,” Weinberg said.

    Some of the highlights:

  • Greenwood and Cordish are using their own equity to pay for the project. No debt.
  • Weinberg said the location in South Philadelphia will “minimize cannibalization” with the region’s other four casinos in Bensalem, Valley Forge, Chester and Fishtown
  • Project would generate $300 million a year in revenue, with $130 million going to the state and city in tax revenue.

    The partnership behind Live! Hotel & Casino is called the Stadium Casino, of which Cordish will control 50 percent; Greenwood Gaming 33 percent; and Sterling Trust 17 percent.
    Greenwood Gaming head Bob Greene said the Stadium Casino group would bring “simplicity, certitude and viability."

    “I would not  commit to and promise anything that we could not deliver,” Greene said. 

More coverage
Live coverage of today's casino hearings
Live video of today's hearings on Philly's second casino
Market8 casino bills self as 'home team'
All casino, all day: State Gaming Control Board hears 6 pitches from casino applicants
Casino hearings: Gaming vets behind Live! plan
Casino hearings: Two local entrepreneurs team up
Casino hearings: Wynn Philadelphia: A waterfront resort
Inquirer Staff Writer
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

Reporter Jennifer Lin follows the competition among the six contenders for Philadelphia’s second gaming license.

Harold Brubaker Inquirer Staff Writer
Jennifer Lin Inquirer Staff Writer
Also on
letter icon Newsletter