Operator News
US – Greenwood pulls out of Philly Live! and sells its shares to Cordish
By Phil - 23 November 2018
Greenwood Gaming and Entertainment is selling its share in the long-delayed Philly Live! Hotel & Casino project to Cordish Co, its partner in the project for an undisclosed sum.
The two companies had formed Stadium Casino and were awarded the licence from Pennsylvania Gaming Control Board back in 2014. They planned to both invest in the $600m casino in South Philly’s stadium district.
Joe Weinberg, Managing Member of Stadium Casino Baltimore Investors, said: “We at Cordish are excited to now immediately get to work on constructing and opening two first–class casinos for Pennsylvania, which will create thousands of new, quality jobs for local residents, and hundreds of millions of dollars in new taxes for the commonwealth.”
The casino was originally expected to open in 2020 with 2,000 slots, 125 table games and 240 hotel rooms and was to be integrated with Xfinity Live! dining and entertainment area, which is also owned by Cordish.
The development was held by an appeal from losing bidder, Market East Associates, and the SugarHouse casino, Philly’s first casino, who argued that casino owners could not have a stake in more than one casino. At that stage Greenwood’s ownership of Parx prevented it from taking part in the Stadium Casino project until that particular law was scrapped last year.
