As yet another potential blow to Atlantic City casinos, which posted record losses in 2009, Philadelphia is hoping to see the opening of the city's first casino by the end of 2010. In December 2009, the slots revenue in Pennsylvania surpassed Atlantic City for the first time in history. Pennsylvania recently legalized table gaming and hopes to capitalize on the recent momentum at PA casinos to surpass Atlantic City as a premier regional casino destination in the near future. Gambling revenue from Philadelphia residents is a significant part of the casino business in Atlantic City. The opening of casinos with table gaming in Philadelphia may have a devastating impact on the Atlantic City casino business.
There were two large casino projects slated for Phialdelphia including the SugarHouse Casino project and the Foxwoods casino project – both of which are large casino complexes planned for the Deleware Waterfront totaling over $1 Billion in combined development costs. It looks like SugarHouse Casino will be completed first, given that the Foxwoods project is now on hold after casino tycoon Steve Wynn recently pulled out of his agreement to take over the project.
Despite fierce opposition from residents in the trendy Fishtown community (located in close proximity to the casino development site) that has resulted in permit and project delays, development has ultimately moved forward with the Interim Casino slated to open in 2010. The $550 million development phases includes 1,700 slot machines, 100,000 square feet of gaming and casino area, 1,500 parking spots, and several food and beverage outlets. Phase I, which is planned for opening in 2013, includes an additional 1,300 slots, an additional 1,500 parking spaces, retail space, and additional dining and entertainment options. The design also allows for future expansion including a hotel and other entertainment facilities.
In the meantime, the Philadelphia residents that are not in opposition to the project are eagerly awaiting the arrival of the first casino complex to the shores of Philadelphia. While Fishtown residents have opposed the project due to quality of life issues that the casino complex could bring to the proud community, others laud the development of the currently under-utilized Deleware waterfront and the infusion of over $1 billion in tax revenue that is projected in the first five years of SugarHouse operation for the empty Pennsylvania state coffers.
