The Cordish Cos. has entered into a joint venture that plans to apply for a license to develop a casino in Philadelphia, the Baltimore-based developer announced Friday. Cordish developed and runs Maryland Live casino at Arundel Mills mall.
Greenwood Gaming and Entertainment Inc., the owner-operator of a six-year-old gambling facility outside Philadelphia, is forming the joint venture with Cordish.
They're calling it Stadium Casino LLC, Cordish said. The name references the area of Philadelphia where the joint venture is proposing to build its casino, which will house both slots and table games.
Cordish and Greenwood will propose that their roughly 200,000-square-foot facility be built on the current site of a Holiday Inn hotel in the southeastern part of the city, near a complex of professional sports stadiums.
The joint venture will be applying for the last remaining license to operate a stand-alone casino (as opposed to a casino attached to a horse racing track or resort) in Pennsylvania. Applications for the license are due November 15, according to the state’s Gaming Control Board.
So far, one other applicant is confirmed to be vying for the license, according to The Philadelphia Inquirer.
Cordish said the joint venture has “the financial capability and liquidity to build the development entirely out of its own cash equity, enabling the partnership to ensure the completion of the development in an expedited fashion.”
Bob Green, chairman of Greenwood Gaming, “was a major contributor in bringing legalized gaming legislation to Pennsylvania in 2004,” Cordish said.
Greenwood Gaming subsequently opened in 2006 the Parx Casino, a “racino” about 20 miles north of Philadelphia’s downtown, according to Cordish. Parx has 3,500 slot machines, live thoroughbred racing and 150 table games, Cordish said.
In its statement, Cordish said the Philadelphia project would be the “sixth major casino development” for the company. The only casino venture that Cordish is currently involved with is Maryland Live.
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