Philadelphia City Council Uunanimously approves zoning for $450m. world-class Stadium District Hotel & Casino

PHILADELPHIA – The Philadelphia City Council unanimously approved the zoning for Stadium Casino, LLC’s new destination hotel casino resort in Philadelphia’s Stadium District. The zoning was previously approved by the City Council Rules Committee in a unanimous vote of 8-0 and the City Council today approved the zoning 14-0.

The privately financed $450 million world-class project will be located at 900 Packer Avenue, bound by 10th and Darien Streets, and will include a Las Vegas-style casino floor featuring more than 2,000 slot machines and more than 125 table games; a new 200+ room luxury hotel, spa and conference center; valet parking and an approximately 2,600 space parking garage; local and nationally-recognized destination restaurants; and live entertainment venues. The Project is immediately proximate to the Philadelphia Sports Complex, already a major tourist destination, drawing 8.5 million visitors a year. Ideally situated off Interstates 76 and 95, the property is positioned to become a true regional destination resort casino.

“We extend our thanks to the entire Philadelphia City Council for its thoughtful decision to approve the zoning of the Stadium Casino hotel and casino project,” stated Joe Weinberg, Managing Partner of The Cordish Companies. “We are excited to create the country’s first comprehensive gaming, resort, entertainment and sports destination right in Philadelphia’s Stadium District.”

Stadium Casino will create thousands of jobs including 3,000 new construction jobs, which will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction, and 2,000 new permanent jobs upon completion of the project. Career opportunities will be available in every field, including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance and gaming operations.

“We’re proud to bring thousands of jobs to the City of Philadelphia and to be able to offer a diverse range of career opportunities for so many people,” stated Zed Smith, Chief Operating Officer of The Cordish Companies. “It’s very important for us to be an economic engine for the communities in which we’re located and that means going to a great extent to hire people from the local community.”

The Project is projected to generate over $2 billion in economic stimulus, over $100 million per year in taxes to the Commonwealth including $100 million in tax revenues for the City in just its first five years of operation and $25 million to Philadelphia’s School District.

The Stadium District Hotel and Casino project will also be a major charitable and community participant. Pursuant to a Community Benefits Agreement entered into between Stadium Casino and the five community groups surrounding the project, Stadium Casino will contribute $15 million over the first 20 years alone to enhance its community’s neighborhoods with investments in projects such as parks, recreation facilities, schools, and traffic and security improvements. These local contributions are in addition to the significant charitable contributions the Company plans to make in the broader Philadelphia area.

“The partnership we have created with The Cordish Companies is a powerhouse combination,” stated Tony Ricci, Chief Executive Officer of Parx Casino. “Beyond generating hundreds of millions of new tax dollars and bringing thousands of jobs for the region, Stadium Casino will be providing substantial benefit to the local community. We look forward to creating a world-class establishment that will be a game changer for the City of Philadelphia.”

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