Cordish Companies has tapped FanDuel as its sports betting partner for the pair of Live! casino properties in Pennsylvania. Both casino properties are currently under construction with plans to open their doors for the first time sometime next year.
The deal with FanDuel will bring both sports betting and daily fantasy sports experiences to the brand-new casinos. One Live! Casino & Hotel is slated to open in Philadelphia, with the other in Westmoreland County.
The partnership is also designed so that both parties can explore potential expansion into other states in which sports betting is legal. The two already have plans to do business together in Maryland and Washington DC, and further expansion is expected as sports betting becomes legal in more and more states in the months and years to come.
FanDuel’s Pennsylvania Dominance
FanDuel entered the Pennsylvania sports betting market for the first time last spring when the company launched a land-based sportsbook at the Valley Forge Casino Resort in King of Prussia. FanDuel’s mobile sports betting app went online in Pennsylvania in July.
The popularity of sports betting in the Keystone State has predictably gained steam over the last few months. The state’s sports betting handle was up by about 24 percent in the month of October with about $241 million in revenue. Further growth was expected in November, though the official numbers have yet to be released to the public.
FanDuel dominated the online space. The daily fantasy sports giant accounted for just under $114 million in online revenue in October, which blew every other service out of the water. Rivers Philadelphia generated about $30 million in online handle, which ranked second in Pennsylvania. Rivers Pittsburgh was at $26.6 million, while Parx ($18.4 million) and FOX Bet ($9.7 million) rounded out the list.
Joseph Weinberg, Principal of The Cordish Companies, said that the opportunity to partner with FanDuel will “bring our customers the premier sports betting experience in the country.”
Matt King, the CEO of FanDuel Group, issued a statement that said, “With ten decades of experience, The Cordish Companies have created the model for world-class integrated sports, gaming, entertainment, and hospitality destinations” and that this new partnership allows his company to “capitalize on the incredible success of sports betting to date and bring FanDuel’s top sports betting operations to Cordish destinations across the United States.”
The Cordish Companies recently hosted a topping off ceremony at the Live! Casino & Hotel property in Philadelphia that is currently under construction. The venue is situated near most of the city’s major professional sports venues, including the Prudential Center (Flyers, 76ers), Citizens Bank Park (Phillies) and Lincoln Financial Field (Eagles).
This was a desired location for the casino considering all 4 teams combine to bring out about 8.5 million fans on an annual basis. The casino will surely benefit from that hefty foot traffic. Live! Hotel & Casino Philadelphia will include over 1.5 million square feet of gaming space, and the casino will feature over 2,200 slot machines and 150 table games. The FanDuel Sportsbook will be situated near the 12-story hotel with a number of food and beverage locations, as well. A new parking facility will accompany the structure, as well.
The Cordish Companies’ casino property in Westmoreland County officially broke ground in November. The Live! Casino will cost about $150 million to build, and it will be located right next to the Westmoreland Mall near Hempfield Township. That space occupies 1.3 million square feet. In addition to around 750 slots and 30 table games, this property will feature a FanDuel Sportsbook of its own with several dining outlets and entertainment venues.
No official opening date has been set for either property, but it is believed that the Philadelphia casino will be the first to open.