Caesars wants second crack at Philly casino
Philadelphia Entertainment & Development Partners, backers of a second proposed casino on the city’s Delaware River waterfront, have filed a petition for reconsideration of the Pennsylvania Gaming Control Board December decision to revoke the company’s gaming license.
Since the revocation, issued on December 16, PEDP and Caesars Entertainment have prepared the necessary work and taken the necessary steps to address and satisfy all the unresolved matters cited by the board, according to a statement released by Las Vegas-based Caesars, the proposed operator of the casino.
“The parties have confirmed that all documentation has been completed, commitments for all required debt and equity financing have been secured, and the parties are ready to pursue construction of the project immediately,” the statement said.
“PEDP and Caesars Entertainment remain committed to developing the proposed casino and believe it will bring tremendous benefits to the Commonwealth and the City of Philadelphia.”
In support of its filing, PEDP submitted to the Board completed agreements and related documents with Caesars Entertainment and updated commitments for the debt and equity financing.
“With these measures in place, PEDP is now in position to pursue construction of the initial phase,” the statement said.
The proposed casino will sit on the banks of the Delaware River on South Columbus Boulevard and will contain 1,500 slots and more than 70 table games, eventually expanding to 2,200 slots and up to 100 table games.
The initial casino is expected to create close to 1,000 full-time equivalent jobs and the construction phase is expected to generate 650 construction jobs.
The casino is anticipated to open in 2012 assuming all gaming and other approvals and permits are received in early 2011, the partners said.