Cordish company consummated the acquisition of a property in Philadelphia to develop a US$600 million casino

Cordish is a company that invests in real estate, including entertainment mixed-use development, gambling, lodging, shopping centres etc., consummated the acquisition of a property in South Philadelphia in order to establish a US$600 million casino.

The Philadelphia property records reveal that Cordish is now the owner of a property in South Philadelphia where it plans to develop a US$600 million casino. The company paid US$37 million for the property, which is currently occupied by a Holiday Inn hotel, which is due to be renovated.

Cordish will commence construction work on the South Philadelphia Live! Casino and Hotel this year. It comprises giving the current building a facelift and remodelling into a boutique hotel with around 200 rooms. Moreover, a separate construction will be developed to house a casino with 2,000 slot machines and 125 table games in 100,000 square feet.

The venue will also comprise restaurants and entertainment venues along with a 2,600-vehicle parking garage which is set to be built. Construction is anticipated to be complete by 2020 when Cordish plans to finally open the casino-hotel next to the stadiums of some of the most significant sports teams in the US.