Hours before the Dec. 28 deadline for applications to the Pennsylvania Gaming Control Board, the group, operating as Philadelphia Entertainment & Development Partners, unveiled plans for a waterfront casino. The opening phase, designed to accommodate 3,000 slot machines along with entertainment and restaurant venues, is expected to cost $300 million.
It will be constructed to expand to 5,000 slots, plus additional entertainment, restaurant and retail space. The location is a vacant 16-acre parcel east of Christopher Columbus Boulevard between Reed and Tasker streets that became available after Harrah's Entertainment Inc. dropped its plan for a casino there following the company's acquisition by Caesars Entertainment Inc. this summer.
The local partnership in the venture, named Washington Philadelphia Investors LP, is more than 60% owned by the Rubin Family Charitable Foundation, the Silver Family Charitable Foundation and Ed Snider. Ronald Rubin, CEO of Pennsylvania Real Estate Investment Trust, and Melissa Silver, daughter of Lewis Katz, who is a part owner of the New Jersey Nets and an entity that owns the New York Yankees, head the foundations. Snider is chairman and part owner of Comcast Spectator, which has holdings in the Philadelphia Flyers and 76ers. These three entities will donate 100% of their casino profits to charity.
Among the additional participants in Washington Philadelphia Investors are Quincy Jones; Billy King, who is president and general manager of the 76ers, and Gary Maddox, a former Phillies' centerfielder. Some of these limited partners have also pledged to donate a portion of their profits to charity.
Additional details were unavailable and a call to Rubin was not returned by deadline. Foxwoods Development will manage all aspects of the casino. The Foxwoods Resort Casino in Mashantucket opened in 1992 and lays claim to being the world's largest casino, with 340,000 sf devoted to gaming. Other contenders for the Philadelphia licenses are headed by Trump Entertainment, Pinnacle Entertainment, Planet Hollywood and Sugarhouse Gaming, an affiliate of Midwest Gaming.
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