What began as a fierce competition in 2012 ended with mixed reviews as the city awarded the last gaming license to Cordish Cos., & Greenwood Gaming & Entertainment Inc.’s Live!, which will feature 2,000 slot machines and a room of 125 table games.
The decision was made earlier today before an audience of 300 at the Pennsylvania Convention Center while another estimated 400 viewers watched live online. Tension were high for the coveted license which has slipped through the hands of two potentially great developers. First in 2006 when it was awarded to the Foxwoods group but that project failed to secure funding so once again the license was up for grabs. Then Steve Wynn was frontrunner to receive the license after proposing a $900 complex just north of the Sugar House. However, he bowed out of this proposal.
Officials from the gaming board came to the decision to award Live! the license based on several factors. First and foremost they were looking for a project that wouldn’t “cannibalize” other nearby casinos mainly SugarHouse & Parx. Secondly, the geographical location of being in direct access to major highways as well as easy accessibility by foot by fans patronizing the sport stadiums. Lastly, the proposed revenue that was to be generated was estimated among the lowest which meant the developers were more in tune and realistic about the target market.
Live! is estimated to cost approximately $425 million to build and Cordish Cos., & Greenwood Gaming & Entertainment Inc plan to put up more than half the money to build it while the remaining balance will be provided by a Bank of America Loan.