PHILADELPHIA-Penn National Gaming officials detailed its plans to build a $480-million casino in South Philadelphia to the City Council last night.
Steve Snyder, senior vice president of corporate development for Penn National, spoke before the council about the firm's Hollywood Casino Philadelphia venture to be built at 700 Packer Ave. The casino proposal is one of six under consideration by the state's Gaming Control Board for Philadelphia's second gaming license, according to the Inquirer.
Penn National would control one-third of the project, while the Philadelphia Casino Benefit Corp., a non-profit, would control the other two-thirds of the casino and dedicate its share of income to the Philadelphia School District and the pension fund.
Snyder says the company estimated that after the first eight years, the payouts to the city could increase from $2 million a year to between $12 million and $17 million a year. See story in The Inquirer.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.