A new gambling venue will be built in Pennsylvania after local regulators gave the green light for a $450 million project in Philadelphia.
This week brought good news to another casino investor, as Pennsylvania regulators approved a new license in Philadelphia. Located just a few hours away from the struggling Atlantic City, the city will be home to the $450-million Live! Hotel and Casino.
According to recent gambling news, the venue will offer 2,000 slot machines and a 240-room hotel, both located close to the city’s popular sports stadiums. The Live! Hotel and Casino Philadelphia is scheduled to open in 2016.
Tony Ricci, chief executive officer of Parx Casino, whose parent company is a partner in Live! is not worried about the casino market being oversaturated. “We are 100 percent confident that there is room to grow,” he told reporters.
The best out of four
Under American gambling laws, choosing the best casino proposals falls under the umbrella of the state gaming board. Live! was among the four applicants looking to build another gambling venue in Pennsylvania, which is already home to 12 casinos. The other three applicants can still appeal the board’s decision.
Ricci said the new casino could steal even more clients from Atlantic City. The former gambling kingdom saw revenues fall from $5.2 billion in 2006 to just $2.8 billion last year. Four casinos have been shut down this year and a fifth one could be facing the same destiny.