While the Live! Casino & Hotel Philadelphia is not set to launch for some time, the casino is already approved for sports betting. The property is owned by Stadium Casino, LLC, who was recently approved for sports betting licensing. A hearing was held earlier in the week and the license involving Category 2 Slot Machine operation for the company was renewed. At the same time, the brand stated they will be constructing a retail sportsbook onsite at the casino as well.
Sports Betting Plans
It’s a smart move for Stadium Casino, LLC to get in on the sports betting action. As the foundation for the new facility is being laid, plans are now being added to offer sports betting services. The full venue should be ready for opening by December 2020, with part of the plans including a sports bar and sportsbook that are connected onsite.
The plans will include not only wagering but also entertainment and food for a fully immersive experience. The presentation by the company earlier this week included information on how the hotel and casino will become a premier sports, entertainment and gaming hospitality destination in the United States.
Even though the casino will not open for over a year, Stadium Casino, LLC has been busy obtaining licensing. The group wants to have the proper licensing in place so that they can be ready to go once the property is complete. A total of $10 million was spent on sports betting licensing while online gaming was also pursued. Table games and slots will be offered online but the group opted out of providing online poker gaming.
The company even spent $40 million for a satellite casino license in Pennsylvania. The plan is to create a smaller casino in the area of Pittsburg. According to the meeting earlier this week, the new casino is projected to bring in $2 billion to stimulate the economy with as much as $100 million in tax revenues generated within the first five years of operation.
Sportsbetting in Philly
For Pennsylvania, the region of Philadelphia is filled with sports betting opportunity. There are currently six total sportsbooks in operation within Philly or nearby. The facilities operating in the region have seen just over $70 million in handle as well as over $7 million in revenues from sports betting along. The region’s sports books account for over 55% of the total sports betting services in the state.
Once the Live! property joins in on the action, there will be even more facilities operating in Philadelphia. It will be interesting to see how the new casino affects the gaming industry in Pennsylvania as a whole including sports betting services.
The state will go from 12 casinos to 13, with additional land-based gaming plus sports betting options. Pennsylvania is steadily growing and gaining ground on other top gaming operating states including New Jersey and Nevada. Perhaps the new addition will help Pennsylvania get closer to a top spot!