SOURCE: PHL Local Gaming

Millennium 3 Management

September 16, 2013 12:23 ET

PHL Local Gaming Announces Its Vision for a New Casino-Related Food Distribution Area Entertainment Center

PHILADELPHIA, PA--(Marketwired - September 16, 2013) - PHL Local Gaming, LLC, one of six bidders for the available Category 2 gaming license in Philadelphia, today announced that, should it be granted the license, it would serve as a cornerstone and catalyst for the development of a new family-focused recreation and entertainment district in an area between the Stadium Complex, public park land, and FDR Park Golf Club in the west, and the Delaware river in the east.

The development, to be named the LoSo Entertainment Center, would be situated in what is currently described, in the City of Philadelphia's 2035 Lower South District Plan, as the Food Distribution area.

The Center would be developed over a ten-year period following the opening of Casino Revolution. PHL Local Gaming's vision for the Entertainment Center currently includes attractions such as food-and-beverage and retail businesses, soccer fields, racquet sports, an indoor swimming pool, a zip-line park, rock-climbing facilities, a golf driving range, a dry ski/skateboarding park, a water park, and areas devoted to music and live entertainment.

According to PHL Local Gaming officials, an absolute premise for the launch of the LoSo Entertainment Center would be gaining an assurance from public- and private-sector leaders that no currently existing jobs or businesses in the designated area would be eliminated. Instead, every effort would be made to ensure that such jobs/business entities would be preserved and relocated to other, nearby, South Philadelphia sites.

PHL Local Gaming's president, Joseph Canfora, said, "The casino/hotel would serve as a transformative catalyst for the overall Lower South District of the City of Philadelphia, enhancing economic impact and creating jobs and business opportunities.

"Over the first three years, the LoSo Entertainment Center is expected to generate 598 direct and indirect jobs, which would grow to a total of 6059 direct and indirect employment opportunities in its tenth year of operation," added Canfora. "We also fully expect that total construction costs, in excess of our direct, casino-related costs, would grow by an additional $431.9 million, that the assessed value of the improvements to the area would be $278 million and that the annual property tax revenue would be $3.7 million.

"The plan would be to create a unique attraction that would appeal to local residents, as well as to visitors to the City of Philadelphia. It's also important to note that, consistent with its family-friendly mission, visitors would not have to actually enter the casino, itself, to participate in the Center's attractions."

If successful in its bid for the available casino management license in Philadelphia, PHL Local Gaming, LLC plans to open "Casino Revolution," a $428 million, four-star quality, "destination-caliber," 250-room hotel and gaming facility. The casino will offer 2400 slots, 105 table games, a steak house, a coffee/espresso bar, a high-end Italian restaurant, a 300-seat buffet, a 156-seat café, and a covered, 1600-car garage.

In its plan to situate its casino in a currently owned 84,000 s.f. facility, PHL Local Gaming has said that it is able to open for business at least 6 months earlier than any of the other five bidders, producing 600 jobs, $10 million in wages and $42 million in state and city taxes during that period. Because Casino Revolution will be located on PHL Local Gaming's own 25-acre-site, it has emphasized that it also has the capacity to expand to the Commonwealth's 5000-slot maximum, over time, unlike most of the other bidders.

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Contact Information

  • Contact:
    A. Bruce Crawley
    Millennium 3 Management
    Tel: (215) 751-0140