Philadelphia's latest gambling license was awarded to a South Philadelphia project. It's the latest in a wave of casino projects coming to the East Coast.
A $425 million project with a casino and a boutique hotel rising in the stadium district of Philadelphia is the latest entrant into the tumultuous world of East Coast gambling.
The Pennsylvania Gaming Control Board awarded a license on Tuesday to a joint venture of Cordish Companies and Greenwood Gaming and Entertainment to build the Philadelphia area’s fourth gambling hall and the 13th casino in the state.
The decision came as New York is edging closer to approving up to four Las Vegas-style casinos at locations outside of New York City. Massachusetts recently approved two billion-dollar casinos, one at either end of the state. And in Connecticut, some lawmakers are talking about expanding the state’s casino industry to protect its market share.
The frenzy of casino building is taking place in what is widely regarded as the most competitive market in the country despite flat or falling gambling revenues in Connecticut, Delaware, New Jersey and Pennsylvania.
Original source: The New York Times
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