PHILADELPHIA--(BUSINESS WIRE)--Philadelphia Entertainment and Development Partners (PEDP) is pleased to confirm plans to add new investors to its partnership which will provide the necessary capital to proceed with the development, construction and opening of a casino on South Columbus Boulevard in Philadelphia.
PEDP, its existing partners, and new investors have executed a term sheet under which PEDP and other local partners would invest in and develop the casino at the South Columbus Boulevard and Reed Street site in Philadelphia. Under terms of the transaction, existing creditors, including Citizens Bank and Harrah’s, would agree to restructure their interests. In addition, Harrah’s would invest new capital for a minority ownership position in the property and would also agree to a management role. Completion of the transaction is contingent upon certain conditions, including without limitation the negotiation of definitive documentation, receipt of required regulatory approvals, receipt of acceptable financing, and other terms and conditions.
Stephen A. Cozen, speaking on behalf of PEDP, had the following comments:
“This is an exciting day for Philadelphia. This planned transaction enables our investor group to move forward with our project with a view towards opening our doors to the public for gaming within approximately 20 months.
“We have always believed in this project despite the setbacks we’ve experienced. We will immediately begin working with the Pennsylvania Gaming Control Board to get our project back on track and open the next downtown casino in Philadelphia,” Cozen said.
“We believe that the provisions regarding charity contributions from the partnership have been substantially enhanced. In addition to an upfront payment at the time of the opening of the casino, annual payments will be made to charities designated by PEDP from the net revenues of the business.”
Local Philadelphia real estate developer Dan Keating and the Keating Building Company are expected to lead the construction effort and integrate the project into the Philadelphia cityscape.
“This is a fantastic site on the banks of the Delaware with great views. Keating Building Company has been involved in the initial design work and we think this will be a great addition to the Center City entertainment options,” said Dan Keating.
The proposed casino will sit on the banks of the Delaware River on South Columbus Boulevard. PEDP expects to open with 1,500 slots and more than 70 table games at the facility. The casino plans feature several dining options, including a Philadelphia steak house and Philadelphia themed sports bar offering a great place to watch all of the Philly hometown teams in action.
The casino is expected to open in 2012.
PEDP is a partnership consisting of Foxwoods Development Company, LLC from Connecticut and Washington Pennsylvania Investors, LLP, a group of business people largely from the Philadelphia area.
Forward Looking Statement
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "will," "project," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue" or "pursue," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual events may differ materially from those expressed or implied by such forward-looking statements. The actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation: our ability to reach agreement on all terms of the proposed transaction and complete definitive agreements; our ability to agree upon a mutually acceptable plan for development and construction of the project; our ability to obtain acceptable financing for development of the project;; our ability to obtain necessary regulatory approvals and licenses to own and operate a casino at the project; receipt of necessary permits and approvals required in connection with planning for and construction of the project; and economic conditions in general and in our specific market areas. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we can give no assurance that our plans, intentions or expectations will be achieved. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We do not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.