Report released on casino proposals' economic impact on Philly
A report showing the projected economic impact of each of the six proposals for Philadelphia's second casino is now available.
The Pennsylvania Gaming Control Board posted on its website this morning a report prepared for the city by consultants from AKRF.
The report details the projected impacts from construction; operations; gaming, non-gaming and tax revenues; and other induced development.
Six sites are vying for the city's next casino license. The report shows how the applicants stack up on a variety of measures.
In general, the report shows, the sites in Center City would have the greatest economic impact on Philadelphia by most measures.
Those sites include developer Bart Blatstein's planned Provence for the former home of the Inquirer, Daily News and Philly.com on North Broad Street and the Market 8 casino, proposed by Ken Goldenberg and his Market East Associates for Eight and Market streets.
Las Vegas casino magnate Steve Wynn's proposed Wynn Philadelphia, to be located in Fishtown, also generally ranked highly on the economic impact measures.
The three other contenders would build their casinos in South Philadelphia's stadium district: Casino Revolution, planned by "Tomato King" Joseph Procacci and his PHL Local Gaming; Hollywood Casino, planned by the Berks County-based Penn National Gaming; and Live! Hotel & Casino, planned by Parx Casino owner Greenwood Racing and Xfinity Live! operator Cordish Companies.
Here's how the report ranked the sites on some key measures:
Total development cost
1. Wynn: $926 million
2. Provence: $700 million
3. Market8: $500 million
4. Hollywood Casino: $428 million
5. Live!: $425 million
6. Casino Revolution: $427 million
Total wages and salary from construction
1. Wynn: $378.1 million
2. Provence: $201.3 million
3. Market8: $187.3 million
4. Hollywood Casino: $149.4 million
5. Live!: $144.9
6. Casino Revolution: $116.1 million
Total permanent jobs
1. Provence: 3,088
2. Wynn: 2,336
3. Market8: 2,027
4. Casino Revolution: 1,750
5. Live!: 1,531
6. Hollywood Casino: 1,521
Total annual revenue (gaming and non-gaming)
1. Provence: $636.3 million
2. Wynn: $438.4 million
3. Market8: $403.2 million
4. Casino Revolution: $326.2 million
5. Live!: $321.1 million
6. Hollywood Casino: $292 million
Annual gaming revenue
1. Provence: $435 million
2. Market8: $320.3 million
3. Wynn: $300.8 million
4. Casino Revolution: $298 million
5. Live!: $283 million
6. Hollywood Casino: $247 million
Annual non-gaming revenue
1. Provence: $201.3 million
2. Wynn: $137.6 million
3. Market8: $82.9 million
4. Hollywood Casino: $44.8 million
5. Live!: $38.1 million
6. Casino Revolution: $28.2 million
Annual tax revenue to city (gaming and non-gaming)
1. Provence: $28.2 million
2. Market8: $21.1 million
3. Hollywood Casino: $19.6 million
4. Casino Revolution: $17.4 million
5. Wynn: $15.2 million
5. Live!: $15.2 million
Annual gaming tax revenue to state
1. Provence: $125.24 million
2. Market8: $93.8 million
3. Casino Revolution: $87.07 million
4. Wynn: $86.99 million
5. Live!: $78.74 million
6. Hollywood Casino: $72.73 million
Annual gaming tax revenue to Philadelphia
1. Provence: $15.13 million
2. Market8: $11.3 million
3. Casino Revolution: $10.5 million
3. Wynn: $10.5 million
5. Live: $9.57 million
6. Hollywood Casino: $8.76 million
Annual non-gaming tax revenue to Philadelphia
1. Provence: $13.12 million
2. Hollywood Casino: $10.84 million
3. Market8: $9.76 million
4. Casino Revolution: $6.85 million
5. Wynn: $4.66 million
6. Live!: $5.63 million
Annual visitation
1. Provence: 4.8 million
2. Market8: 3.8 million
3. Wynn: 3.6 million
4. Casino Revolution: 3.3 million
5. Live!: 3 million
6. Hollywoood Casino: 2.8 million
The review echoes testimony at a hearing this fall from Deputy Mayor Alan Greenberger and AKRF consultants.
Further hearings on the applicants' suitability to hold a casino license are scheduled for January.