Pa. approves Cordish takeover of Philly stadium casino project
Pennsylvania regulators endorsed a Maryland casino operator’s proposal to take over a partnership that plans to build a long-delayed $700M South Philadelphia casino project.
Pennsylvania regulators on Wednesday endorsed a Maryland casino operator’s proposal to take over a partnership that plans to build a long-delayed South Philadelphia casino project.
The Pennsylvania Gaming Control Board voted unanimously to approve Cordish Cos. of Baltimore as the outright owner of Stadium Casino LLC, which has a license to build the Philly Live! Hotel & Casino on the site of a former Holiday Inn at 900 Packer Ave. Cordish announced in November it is buying out its partner in the $700 million project, a subsidiary of Greenwood Gaming, which owns the Parx Casino in Bensalem.
The gaming board’s approval of the ownership change, which includes a $100,000 fee to the state, was preordained after the board on Nov. 28 granted Stadium Casino a two-year extension on its license to begin operations.
Cordish officials have told the state that demolition of a former Holiday Inn will begin soon, and construction of the new casino and hotel would begin early next year.