Clicky

Another Pennsylvanian Casino Project Bites the Dust - PennsylvaniaPoker.com News % : PennsylvaniaPoker.com News
cancelled
Published on
Update on

Recent reports from a number of sources have revealed that the proposed Philadelphia Live! property could be the most recent of the Keystone State’s many abandoned casino projects. This is perhaps due to a case of cold feet on the part of the investors despite the fact that it has been less than a year since the state passed a new law that paved way for the construction of the Philadelphia Live! casino project. The reports have indicated that the joint venture between Greenwood Gaming and Cordish Company as well as the considerable list of assets it is associated with are currently being shopped.

This move is rather odd especially because of the rather huge amounts that have been invested in the project – both companies have invested over $100 million in licenses for the so-called Stadium Casino as follows: $10 million for an interactive gaming permit, $40.1 million for a Category 4 license as well as a whopping $50 million for a Category 2 license. As you may have noticed, the licenses listed do not include sports betting and therefore it will be up to the new owners to apply for the $10 million sports betting licenses that the state is currently offering.

Why Is This Happening?

While joint ventures certainly have their fair share of success, partnerships among competitors – as in the case of the Philadelphia Live! project – presents several unique challenges which given the current state of Pennsylvania’s gambling market, would only be amplified further.

To put this into perspective, for this to work, the two companies would have to first need to come to an agreement of the property itself before doing the same for every other aspect of the project. This means that the required logistics would range all the from investments to the other strategic partnerships they may be involved with. Furthermore, Greenwood Gaming, one of the partners, would need to weigh all the decisions about Philadelphia Live! against its existing properties in the Commonwealth, which include Parx Casino and the South Philly Turf Club.

Moreover, Pennsylvania’s gaming control board has not been shy to back its controversial and rather exorbitant tax rates and licensing fees, which would at some point become a burden even for companies as big as Greenwood Gaming and Cordish Company. All things considered, it would seem like selling off the project and associated to more interested parties is way more appealing than investing more capital and splitting the spoils once the project begins operations, or if it begins operating.

Both Greenwood and Cordish will be benefiting in one way or the other from the sale of the project. For instance, in the case of Greenwood Gaming, selling the extra assets will be a great return on investment. Cordish in the other hand will be able to concentrate on other more relevant and worthwhile expansion plans.

Latest Headlines

Online Poker in Pennsylvania Sets an All-Time Revenue Record

Online poker in Pennsylvania soared during lockdown in April with PokerStars PA posting $5,253,304 in revenue over the period. PokerStars PA Notches Record Poker Revenue in April While poker won’t return soon to physical card rooms in Pennsylvania, the online poker market has been booming. With PokerStars PA generating $5,253,304 in April, based on Pennsylvania […]

Pennsylvania’s Biggest Online Poker Tournament Kicks Off on May 17

On May 17, PokerStars PA will launch the Pennsyl-MANIA online poker tournament, which will be the biggest poker event on record in the Keystone State. Pennsyl-MANIA by PokerStars Happening on Sunday PokerStars PA is bringing out $250,000 in guaranteed prize pools for its upcoming Pennsyl-MANIA tournament. The event will take place on Sunday, May 17, […]

“Stars Call For Action” PokerStars Tournament Kicks Off

PokerStars is hosting a charity tournament on Saturday, May 9, which will be broadcast on 2 pm ET on Twitch, Facebook and YouTube. The event will feature a number of famous personalities who will play their best hands to help support first respondents in the COVID-19 relief efforts. The total prize pool of the event […]

WSOP PA Launching as soon as 888poker Finalizes Platform

The World Series of Poker or WSOP.com is close to all systems go for the Pennsylvanian market. One of the largest and most significant poker networks in the United States is on the cusp of launching in the regulated online poker market in the Keystone State with WSOP PA. With Pennsylvania players able to participate […]

PokerStars Announces MicroMillions and SCOOP 2020

With online poker soaring globally, and the online poker population doubling in a single month, PokerStars continues to announce new tournaments. The MicroMillions and SCOOP will offer players to sit down and play in some significant events globally. PokerStars also just reported a 27% growth year-over-year in the first quarter, despite the ongoing lockdown. MicroMillions […]

Similar PA Casinos Post

Online Poker in Pennsylvania Sets an All-Time Revenue Record

Online poker in Pennsylvania soared during lockdown in April with PokerStars PA posting $5,253,304 in revenue over the period. PokerStars PA Notches Record Poker Revenue in April While poker won’t return soon to physical card rooms in Pennsylvania, the online poker market has been booming. With PokerStars PA generating $5,253,304 in April, based on Pennsylvania […]

Parx Casino Inks Multi-Year Deal with Philadelphia 76ers

The gaming industry in the United States continues to grow at a very fast pace and so do the partnerships between various stakeholders. For instance, a number of sports teams and leagues are signing deals with gambling-related entities as part of their efforts to build their brands and bring in revenue. The latest partnership deal […]

Kindred Debuts Unibet-Branded Sportsbook in Pennsylvania

Last Friday, Nordic online gambling operator Kindred Group followed up its New Jersey debut by launching its second sportsbook in the Keystone State. The company’s Unibet branded sportsbook officially went live in Pennsylvania through a multi-year partnership with Mohegan Sun Pocono which is owned and operated by Mohegan Gaming & Entertainment, Mohegan Tribe’s casino resort […]

FanDuel Boosts Pa. Sports Betting Revenue in August

In August 2019, sports bettor in Pennsylvania placed a whopping $109 million in sports bets, an 84 percent increase from the amount that was wagered in July. According to the revenue report that was released by the Pennsylvania Gaming Control Board (PGCB) the online gambling sector was the biggest contributor to the revenue. In total, […]