Pennsylvania is now home to one of the largest gambling industries in the United States. Here, a huge number of world-class casinos are currently up and running. Today, we’re going to talk about the details surrounding Philadelphia’s newest casino.
Many were surprised to see this gambling venue opening its doors. It comes at a difficult time for the entire US gambling industry. Hope is that this property helps to boost gaming revenue in the state of Pennsylvania.
Let’s get into it!
Pennsylvania’s Gambling Industry Continues to Expand
Just a couple of decades ago, Nevada was thought to be one of the only major gambling hubs in the United States. Things have changed in a big way since that time. Today, nearly every state in the country has at least some kind of gambling industry up and running.
Pennsylvania has recently begun to expand its number of gaming options. Perhaps the biggest move came after the US Supreme Court struck down PASPA in May of 2018. Immediately after this decision, Pennsylvania formally legalized sports betting.
Here, both land-based and online sports betting is available. This industry is now helping to bring the state of Pennsylvania an incredible amount of money every single month. More of the world’s biggest sports betting companies are now working hard to break into the state’s market.
The casino industry here has been expanding recently, too. There are now 14 traditional casinos operating in the state. Pennsylvania also operates a huge number of popular mini-casinos. More are slated to open their doors over the next few years.
2020 proved to be an extremely difficult year for the casino industry in Pennsylvania. Of course, gambling companies benefited from the ability to offer casino games online. Hopefully, 2021 proves to be a more successful year for the industry.
For years, news has been surfacing about a new gambling venue opening its doors in the city of Pennsylvania. This week, this casino will finally open to the public.
Looking at the Details of Philadelphia’s Newest Casino
Prior to 2020, gambling revenue in Pennsylvania was rising steadily. The casinos here were proving to be hugely successful and many companies were pushing to open new properties here. Many of these companies have wanted to open one of these venues in the city of Philadelphia.
That includes Cordish Gaming, one of the largest gambling companies on the East Coast. Cordish Gaming owns and operates several popular casinos around this area of the country. Recently, this company has been constructing the Live! Casino and Hotel Philadelphia.
On Saturday, this exciting new property is finally set to open its doors. This $700 million casino is located in Philadelphia’s Stadium District and will hold several open sessions for those making reservations. It’s a sort of test for the owners to see how the casino operates.
Beginning on February 11, this property will officially open to the public. Reservations will not be needed at that time. That gives residents in the city the option to play any of the casino’s 2,100 slot machines and 121 table games.
Joseph Weinberg, chief executive officer of Cordish Gaming, spoke about his excitement in opening this property this week. He claims it will help to significantly boost gaming revenue throughout the state.
“We have the ability to not only attract people from Pennsylvania and New Jersey but from a much wider market area,” Weinberg said. “This is the only place in the country where you have a major resort casino and four major-league sports teams all in one location, so we think this will really attract people from all over the country to come for sports entertainment and gaming.”
Obviously, there are intense safety regulations set inside this casino. Many hope that with effective vaccine distribution, the casinos here will see their visitation rates increase. Stay tuned for more revenue updates over the next few months.
New Jersey Looks to Increase Casino Revenue This Year
Pennsylvania is now known for having a large, successful casino industry. It pales in comparison to the one over in New Jersey, though. Atlantic City is home to some of the country’s biggest casino-resorts.
Like all other major casino hubs, Atlantic City struggled immensely in 2020. Tourism rates here dropped throughout the year. For several months, all of the casinos in this city were completely shut down. Many are now hopeful that 2021 brings about a major change.
Casinos here are doing everything they can to see this change. Many have recently begun offering new, exciting deals to guests. There have also been a large number of new entertainment options becoming available in Atlantic City.
It’s extremely difficult to predict how things will look here this year. As we mentioned earlier, vaccine distribution could help to promote travel around the country. Many are still unlikely to want to visit a crowded casino, though.
It might be years before the casinos here see pre-pandemic levels of revenue. Fortunately, the sports betting industry here is helping to make up for the losses. New Jersey has been seeing consistent sports betting revenue increases for the past few months.
Many analysts are excited to see how things turn out here. Do you plan to visit Philadelphia’s newest casino? Let us know in the comments section below!