SOURCE: PHL Local Gaming, LLC

August 06, 2013 15:10 ET

PHL Local Gaming, LLC Provides Tour of Its "Early Open" Casino Site, Unveils New Renderings, Economic Impact Data

PHILADELPHIA, PA--(Marketwired - August 06, 2013) - PHL Local Gaming LLC, one of six bidders for the available casino gaming license, in Philadelphia, today provided a tour of its proposed "Early Open" casino site, at Front Street & Pattison Avenue, here, for media representatives and board members of the Whitman Council, a neighboring community organization.

During the presentation, company officials confirmed that they planned to house their proposed casino in an 84,000 s.f. warehouse, on an approximate 25-acre parcel of land owned by Procacci Brothers Sales Corporation.

PHL Local Gaming's VP, Community Relations, John O'Riordan, disclosed that the site enables the company to open its casino, once approved, at least six months earlier than the other five bidders, and to provide 600 jobs; $51.9 million in state/city taxes and direct payroll; $22.8 million in indirect/induced payroll; and $15 million in purchases of goods and services, six months early.

O'Riordan also emphasized that, in addition to the early revenues and economic impact, the availability of the 25-acre site would enable PHL Local Gaming to expand, over time, from 2400 slots, in its first full year of operation, to the Commonwealth's legally permissible 5,000 slot maximum, unlike most of the other six bidders. "At that level," said O'Riordan, "PHL Local Gaming would increase its total city and state tax payments by $180.9 million and also produce a commensurate increase in casino-related jobs, as compared to other bidders."

Included in PHL Local Gaming's shuttle bus-enabled tour were several locations within the Procacci Brothers complex, and in its surrounding South Philadelphia neighborhoods. Company officials emphasized the casino's lack of intrusiveness on residential areas, the closest of which is .8 miles from the PHL Local Gaming site. They also described, during the tour, the proposed casino's exceptionally convenient access to I-95 and I-76.

At the first stop of the shuttle bus tour, the company showed visitors precisely how the existing warehouse facility would be retro-fitted for casino operation. At a subsequent stop, PHL Local Gaming's architect Richard Gardner, of Hnedak Bobo Group, unveiled nine new renderings that reinforced the company's commitment to "four-star-quality" hotel accommodations and casino amenities. The renderings included a Pattison Avenue porte-cochere entrance, a high-end Italian restaurant, views of a hotel room and bathroom, as well as a buffet, sports bar and a dramatic hotel lobby, among other features.

At one point in the presentation, PHL Local Gaming's CEO Joseph Procacci pointed out that another advantage of the existing warehouse facility is that it is environmentally clean, having cleared all environmental auditing prior to its purchase by Procacci Brothers, in 1986.

"Often," said Procacci, "unanticipated environmental issues can lead to costly delays in construction schedules. Our warehouse, we're confident, presents no such problems. We and our construction management company, L.F. Driscoll, firmly believe that, if selected as the new licensee, we can have our casino open within nine months of final approval, six months earlier than other bidders would be able to do. Given the importance of job creation in our area, that should be good news for the Commonwealth and for the City."

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, an Italian restaurant, a 300-seat buffet, a 156-seat café and a covered, 1600-car garage.

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