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.