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One of the partners in the long-delayed Philadelphia Live! Casino project decided to take matters into its own hands this week. The Cordish company announced Wednesday that it is buying out Greenwood Gaming & Entertainment Inc, to assume complete ownership of the project under Stadium Casino LLC.
Greenwood Gaming owns Parx Casino in Bensalem while Cordish owns Maryland’s second-highest earning casino. The terms of the buyout deal were not disclosed. Rumors surfaced this month that the partners were seeking to sell their Pennsylvania license for the Stadium Casino project along with their mini-casino license in Westmoreland County.
Last month, a representative of the project requested to surrender Stadium’s online poker license on the basis that the project had stalled.
Cordish is taking over both casino projects and plans to break ground on the Philadelphia casino immediately. In January, the partnership purchased the former Holiday Inn that currently sits in the site where the casino will be built.
Demolition crews began tearing down the hotel over the summer, but packed up and left more than a month ago, leaving the 240-room hotel tower standing. Cordish is requesting a three-year extension from the Pennsylvania Gaming Control Board that would push their deadline to launch casino operations to December 2021.
PGCB staff is reportedly recommending that Cordish be limited to a two-year extension. They argue that two years is more than enough time to get 1,500 slot machines generating tax revenue. The project has been sitting on the state’s 13th casino license without much progress for the past four years.