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Philadelphia Casino Hearing [9/24]

Today [Tuesday Sept. 24], City Officials join the State Gaming Control Board to present opinions on the six applicants for Philadelphia‘s second casino. Today’s hearing at the Convention Center holds an enormous bearing on which project is ultimately selected. Details on each proposal below, along with revenue sharing breakdown. The board is expected to award the city’s second license in early 2014.

 

The Finalists :

casino pt. 1

 

1. Casino Revolution [Left]

2. Wynn Philadelphia [Right]

  • 2001 Richmond Street
  • Along Delaware River
  • $925 million *
    • highest estimated cost among the six proposals

casino pt. 2

3. Hollywood Casino [Left]

  • 700 Packer Ave
  • Stadium area
  • $480 million

4. The Provence [Right]

  • 400 N. Broad St
  • Based at the former Philadelphia Inquirer / Daily News Building
  • Proposed by renown Philadelphia area developer Bart Blatstein
  • $700 million

casino pt. 3

5. Live! Hotel & Casino [Left]

  • 900 Packer Ave
  • Stadium area
  • Plans based upon converting an existing Holiday Inn
  • $400 million

6. Market 8 [Right]

  • 8th & Market St.
  • Center City area
  • Plans based upon resurrecting the surround areas of Market East / the Gallery
  • $500 million

Revenue Sharing :

Since 2006, $166 billion spent on gambling in Pennsylvania.

  • 91% of expenditures paid back to gamblers [$150.4 billion]
  • Remaining difference = Gross Terminal Revenue [$13 billion]

Gross Terminal Revenue Distribution

  • 45% returns to casinos [$5.8 billion]
  • 34% state revenue share [$4.4 billion]
    • Property tax reduction
    • Wage tax reduction
  • 12% race horse industry [$1.5 billion]
  • 5% economic development & tourism fund [$650 million]
    • “Special projects”
    • Ex. Improvements to Allegheny Country Airport, Philadelphia Convention Center
  • 4% host counties [$500 million]
    • Supplements additional municipalities & security needed on-site

References via philly.com :

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