On First Day Of New Live! Casino, Impact On SE PA Market Is A Question
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The Live! Casino & Hotel Philadelphia opens at 4 p.m. Tuesday. It's the first full-sized casino added to Pennsylvania's gaming industry since Rivers Philadelphia opened a decade ago. The casino will be open to the public after 8 p.,m., on February 11th. The Cordish Companies, the Baltimore-based private firm that lavished $700 million on the project, will start to find out if the investment was worth it.
There are currently 14 casinos in Pennsylvania. Live! is the latest one to open in the state. It is located in Philadelphia. The market is not saturated. New Jersey has nine casinos. They took in $1.5 billion in land-based gambling revenue in 2020. Pennsylvania relies heavily on gaming revenue. There are four casinos within 25 miles of Live!'s location. In the 2018-19 fiscal year, the last year without COVID shutdowns and restrictions, they took $892 million in slots revenue and $415.4 million from table games.
Live! is opening a new casino in Philadelphia. It is located near sports stadiums and arenas. The casino also has a first-class hotel. Live! has also a FanDuel Sportsbook. The Innovation Group, a gaming consulting firm, predicts substantial growth in the Philadelphia market. Some gamblers will find Live!'s convenient. Others will reallocate their spending. There will be a lot of visitors to the casino. They will try out the brand. it emphasizes dining and entertainment options. and having a diverse set of amenities is a good thing for consumers.
Rivers Casino in Fishtown, Philadelphia, is welcoming new competitor Live! to the city. The general manager of Rivers calls the competition 'welcome' and says the market is not oversaturated. The casino filed a lawsuit to block Live!, which was then known as Stadium Casino. It is possible that some of the visitors from other states might find Rivers inconvenient. However, the general director of both casinos believes the presence of sports fans will help the area. He also believes that the location of Live!'s casino will be an asset for both Rivers and Cordish.
On the first day of Live! Casino's debut in Philadelphia, the business has been going well. The business is not affected by the COVID pandemic. However, slots and table games revenue has dropped 20% in Pennsylvania in recent months. Southeastern Pennsylvania casinos have performed better. The company is trying to drive as much revenue as possible in a safe environment. It is a long road for the company. Las Vegas casinos are less affected than in the past. They rely on local business. COVIids have less of an impact on them than they thought. In the case of a brand new property opening, it would be pushing it to say COVID is good.
