Pennsylvania
Casino Plans Move Forward
Today the Penn's Landing Corporation
Board of Directors authorized its negotiating
team to finalize a contract with Riverwalk Casino
LP for a gaming facility on the 11.5 acre Old
Incinerator Site, located at Spring Garden Street
and Columbus Boulevard. The decision follows
a competitive process initiated in October 2005.
If
Riverwalk obtains a state gaming license, the
deal has a value to Penn's Landing of between
$1.3 billion and $1.8 billion over the life
of the deal. In addition, Riverwalk would commit
to making valuable offsite improvements, including
traffic signalization and street improvements.
It would also fund a new Fire Department EMS
Unit to serve the facility, help offset increased
police costs, and make a significant contribution
to a neighborhood special services district.
According
to the projections of the Philadelphia Gaming
Advisory Task Force, the development will create
approximately 500 construction jobs and approximately
700 permanent jobs once the facility opens.
The development would also have substantial
minority, women and disabled participation in
development and operation of the site. A controlling
stake in the developer is held by local minority
and women investors.
"Penn's
Landing believes Riverwalk Casino presents a
wonderful opportunity for Penn's Landing and
the City of Philadelphia. We're excited about
this potential redevelopment of a former incinerator
site," said Joe Brooks, Acting President
of Penn's Landing Corporation.
Two
gaming facilities are expected to be licensed
in Philadelphia by the Pennsylvania Gaming Control
Board in late-2006 or early-2007. The Philadelphia
Gaming Advisory Task Force estimates that host
fees to the City from the two gaming facilities
will be between $26 million to $30 million annually.
Gaming revenues will allow for significant reductions
in the City wage tax, and funding of the Pennsylvania
Convention Center, among other things.
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