In case you haven’t heard, Stadium LLC Philadelphia is preparing to open the two new casinos.
And now we know, at least one, maybe two additional, brick-and-mortar Pennsylvania sportsbooks are set to open, but you are going to have to be patient.
Recently, Stadium Casino went in front of the Pennsylvania Gaming Control Board (PGCB) for its casino license renewal. During its presentation, the company also mentioned sports betting for the first time.
The largest casino, Live! Casino & Hotel Philadelphia, located in Philadelphia is scheduled to open in December 2020. The other, a mini-casino, located at the Westmoreland Mall is also projected to open that year.
Both properties are a ways away from cutting the red ribbon and the PA sports betting market will get a bit more crowded when they do.
Stadium Casino’s PA sportsbook plans
So far the company has paid close to $115 million in license fees to the state for slots, table games, and the Westmoreland mini casino.
Even though the company has yet to write a check for $10 million, the fee to apply for a sports betting license, a PA sportsbook is part of the plan.
Not many details about the new sportsbook were provided other than it is adjacent to a sports bar.
“It’s not just a sports betting parlor,” one representative said, “but it provides food offerings and entertainment, as well.”
The market may be competitive, but Live! Casino & Hotel Philadelphia will most certainly be a force, especially given its location and its proximity to:
- Citizens Bank Park
- Lincoln Financial Field
- Wells Fargo Center
Stadium Casino gambling license renewal
The PGCB requires casino license renewal every five years. As a result, Stadium Casino needed to renew its license before it ever accepted a bet.
The lack of gaming revenue was due to contract issues with its former partner Parx Casino. The original joint venture between Stadium and Parx, for which PGCB issued the 2014 license, never came to fruition.
The contract issues delayed the casino opening for several years. Because of this, the PGCB authorized Stadium to buy out Parx in the joint venture and move forward with the casino on its own.
Due to licensing regulations, Live! Casino Westmoreland can’t operate without Live! Casino & Hotel Philadelphia. Stadium was able to bid and receive rights for the Westmoreland mini-casino even though it did not run a casino in Pennsylvania.
Typically, an organization must run a casino in the state before it can bid on a mini-casino license. However, Stadium received the go-ahead to make the bid because it held a license for a stand-alone casino in the state.
And while a sportsbook at the Westmoreland property was not mentioned at the PGCB hearing, it is not unrealistic to think the mini-casino will also have a sportsbook on site where construction is set to begin.
PA sports betting market ready for a big boost
Now, Stadium has another five-year license and is about 18 months out from accepting its first wager.
When the casino opens, Philadelphia sports betting will get another big boost thanks to Stadium’s plans. According to Stadium, the new casino is will inject up to $2 billion into the economy. Consequently, it will result in more than $100 million in tax receipts to the City of Brotherly Love over five years.
The eight current sportsbook venues generate over $70 million in handle and more than $7 million in revenue for the Keystone State. The Philadelphia area sportsbooks account for more than half of the total PA sports betting action.