When Sugarhouse Casino first opened its doors in 2010, revenue numbers of over $320 million dollars were projected during the first year alone. But the numbers ultimately came up short with a $190 million revenue in 2010, much less than the initially projected income. The differences between Sugarhouse and the other neighboring casinos are evident. In 2012, Sugarhouse was able to produce $8.9 million to its local government while Bensalem’s Parx Casino and Sands Casino doubled that amount to their own respective governments. With a new casino, it would support Sugarhouse and produce extra funds to benefit the school district and the city’s general funding.
Casino License Up For Grabs: What it Means for Philly Residents
Six bidders are vying for the casino, and each bidder offers different locational attractions and aesthetics for the residents living in Philadelphia and for its visitors. The stakes are high with many different elements going into the final decision. The board is not taking the decision lightly and has completed a commercial analysis for the city, along with any potential monetary impacts the plans may have and how the casino could affect the neighboring communities and Sugarhouse.
The city is hoping that the casino will bring in a long-term profit and maximize the gambling profits in the Philadelphian region. This will benefit the residents living in Philadelphia, as the second casino will bring in jobs, tax revenue and gaming and non-gaming revenue for the city. The casino will be carefully chosen, with the handpicked casino selected for the greatest potential to bring on an optimal economic development, revitalize the area and bring in new visitors. Some of the city’s biggest concerns for the new development are with parking, traffic and security, all factors that have been taken into consideration. Hopefully, a new casino in town equals higher benefits to the local region by resuscitating the local businesses and infusing the job market with new careers.
With the bidders continuing to clamor for the license, the decision for the new casino license is expected by early 2014. With careful planning, the new casino license will bring good news for city taxpayers living in Philadelphia with higher property values for the surrounding areas and taxable revenue for the city.