Five developers vie for city’s second casino license
Enthusiasm is high as five developers compete for Philadelphia’s second casino license. This week representatives from Penn National Gaming, the Goldenberg Group, Greenwood Gaming, the Cordish Cos. and PHL Local Gaming L.L.C. will make their final pitches for the license. Vegas-based Wynn Resorts was interested for some time pulled out of the running, citing “business opportunities elsewhere.”
According to American gambling laws, states are free to make their own rules with regards to the activity. Pennsylvania is one of several states which allow commercial casinos to operate.
Market may be saturated
Many are surprised that competition is so fierce, given that the state already has 12 casinos and the city’s first casino, Harrah’s Philadelphia, earned just $77 million in revenue last year. Competition also comes from nearby Atlantic City.
Pennsylvania may do better to legalize online gambling, at least from a revenue standpoint. Currently online casinos in America are confined to neighboring New Jersey and Delaware, both of which have experienced major bumps in revenue as land-based casinos fade nationwide.
Regardless of what some see as poor prospects for Philly’s next casino, each of the five hopefuls appears optimistic. At least gamblers will have one more option at their disposal.