A Maryland Casino operator and partner in a long delayed south Philadelphia Casino project announced wednesday that it is taking complete ownership of the project developer, Stadium Casino LLC.
The companies shares ownership of Stadium, which plans to build the Philly live! Hotel and Casino on the site of a former Holiday Inn at 900 Packers Ave.
The announcement comes after the rumors in industry trade journals that the partners had a rift and were seeking a buyer for their pennsylvania gaming license.
“We at Cordish are excited to now immediately get to work on constructing and opening two first class casinos for Pennsylvania which will create thousands of new quality jobs for local residents and hundred of million dollars in new taxes for the Commonwealth”, Joe weinberg, managing member of stadium casino Baltimore investors LLC, said in a statement.
Stadium Casino LLC is licensed to operate the Packer Avenue Casino and recently asked the pennsylvania Gaming Control board to approve a three year extension on its deadline to launch operations, to December 2021.
Industry insiders say that partnership was a marriage of companies with different corporate cultures. Cordish specializes in non gaming amenities and greenwood’s roots are in horse racing and Casino operations.
“Its been rocky from the start of the partnership, so it’s not a surprise that it has come to this”.
The stadium partnership formally closed the $37 million purchases of the former Holiday Inn January, and demolished part of the hotel complex this summer. But demolitions crews packed up more than a month ago, and the partially gutted 240 room hotel tower remains standing.
Stadium also paid $40.1 million to obtain the mini casino license in Westmore land Country.