Stadium Casino RE LLC, an affiliate of The Cordish Companies and Gilbane Building Company, has held a traditional ‘topping off’ ceremony to mark the latest phase in the construction of the new Live! Casino & Hotel Philadelphia. Scheduled for a 2020 launch, the 1.5-million-square-foot facility will feature a sportsbook alongside 2,200 slots and electronic table games, and more than 150 live action table games.
Cordish and Gilbane executives were joined by Pennsylvania State Senator Larry Farnese, Mayor James Kenny and City Councilman Kenyatta Johnson, along with dozens of regional business, community and tourism leaders, as the final commemorative beam was raised to complete the building’s superstructure.
It is predicted that the new Live! venue will transform the area – the Stadium District – into a fully integrated sports, entertainment and casino resort destination. Visitors will have access to big league sports action from NFL, NHL, NBA and MLB teams, dining and entertainment, gaming and hotel accommodation in one location.
“What we are creating in Philadelphia’s Stadium District is unrivaled anywhere in the country,” said David Cordish, Chairman of The Cordish Companies. “Sports fans, foodies, gaming enthusiasts, concert goers, and anyone looking for a night of fun and excitement only have to make one stop to experience it all. Live!’s signature customer service that treats guests like they’re a member of the family will bring them back again and again.”
In terms of benefits to the local community, the Project will generate an estimated $2bn in economic stimulus to the City of Philadelphia, along with $100m in tax revenues during its first five years of operation, including $25m to Philadelphia’s School District.
A groundbreaking Community Benefits Plan with the City includes unprecedented goals in minority and local construction and hiring initiatives, a commitment to living wages for all employees, more than $15m in grants in the first 10 years to support improvements and enhancements to the local community, and the creation of a Community Advisory Committee.
Employment is also high on the agenda, with approximately 2,000 new permanent direct and indirect jobs set to be created; and approximately 3,000 direct and indirect jobs during construction.
“A big measure of our success is how we positively impact the communities where we do business,” said Joe Weinberg, Principal, The Cordish Companies. “We have an unprecedented program in place with the City of Philadelphia that will bring meaningful opportunities to the people, businesses and organizations that make Philadelphia the vibrant city we are so proud to call our new home.
“Just as one example, we are well on our way to achieving over 50% participation in the construction of this project with minority and women-owned businesses.”