Cordish Company Plans to Add a Second Casino in Pennsylvania
The Cordish Company is inching closer to launching its second casino in Pennsylvania. The Maryland-based gaming and hospitality group inaugurated its Live! Casino Pittsburgh in November while Live! Casino Hotel Philadelphia is slated to go live on January 19 at 4 PM ET.
The casino resort in Philadelphia is located in the Stadium District, which is home to the city’s professional sports venues. And from January 19 to February 11, 8:00 PM local time, only Live! Rewards Club members will get unrestricted access to the casino, while reservations are mandated.
“What we have established here is unrivaled in the country. Gaming enthusiasts, sports fans, foodies, and anyone looking for a night of fun and revelry can make a stop and experience it all,” commented Joe Billhimer, the Executive Vice President of the Cordish Group.
Live! Philadelphia is a 700 million dollar project, and the 510,000 sq-ft compound flaunts 2,100 video slot machines, 29 poker rooms, 150 table games, and FanDuel Sportsbook. Also, part of the property is a 12-story hotel with 208 rooms, 12 restaurants, and over 15,000 sq-ft of space.
What’s the Update on the COVID Situation?
COVID-19 temporarily doomed the US gaming industry. According to the government’s mandate in Pennsylvania, all 13 commercial casinos remained shut for months on end, causing a steep decline in gaming revenue.
For instance, the GGR for slot machines during the fiscal year 2019-20 stood at $1.69 billion, a 29% decrease from the previous year. Table games recorded a 27% decline in GGR as the figures stood at $644 million. While online gambling and sports betting pushed the revenue up by a certain degree, it wasn’t enough to offset the damages done previously.
Despite the seemingly grim state of affairs, Cordish plans to move ahead with the investments in Pennsylvania. “We never considered pulling back. The thought of adding a casino to the famous Stadium District is always exciting and we have a long list of people who are considering a career with us. So, backing out now is not on the cards”, Billhimer explained.
This isn’t Cordish’s first rodeo in the Stadium District as the company has been invested in Xfinity Live! since March 2012. The venue is located on what used to be the Spectrum arena, which was demolished between 2010 and 2011.
The Need of the Hour
Philadelphia’s Stadium District is located right next to the Navy Yard, and pedestrian traffic is non-existent in the area as the land sits between I-76 and I-95. Live! Casino Philadelphia will need punters to step in as soon as the pandemic restrictions subside if they wish to remain in business. The resort is Cordish’s largest casino development investment to date.
Governor Tom Wolf recently relaxed COVID-19 restrictions banning indoor dining and forcing casinos in the Commonwealth to remain shut. And the casinos are now allowed to operate at 50% capacity. The situation is projected to improve soon as the vaccine is being distributed in the state.