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Foxwoods Casino Philadelphia today announced that Deborah Marchese has been named Chief Financial Officer. Marchese began her career in gaming as Food and Beverage Cost Accountant at Tropicana Casino and Resort in Atlantic City, N.J. In her 25-year career at the Tropicana, she was named Vice President of Finance and Information Technology/Chief Financial Officer in April 2001.
“Debbie’s career at the Tropicana, as well as her experience with financial functions of development and expansion of casino hotel properties, are critical to our project,” said Foxwoods Casino Philadelphia General Manager James L. Dougherty. “Debbie is well-known for her knowledge of accounting and overseeing programs in the casino industry, and we’re excited she has joined us as a key member of our team.”
As Vice President of Finance and IT/CFO at the Tropicana, Marchese was responsible for all Financial and IT functions which included the accounting functions related to 50 leasing tenants. While at the Tropicana, she was instrumental in implementing initiatives to improve the company’s operating profit through revenue enhancement and cost saving programs. She also brings with her extensive experience in financial and casino systems implementations, as well as marketing and operations analysis.
“I’ve had the privilege of working all aspects of financial positions in gaming organizations over the span of my career and I’m absolutely thrilled to be working with the first-class team Foxwoods and its local partners have brought together to manage this exciting casino project,” Marchese said. “I look forward to working with Jim Dougherty and his team to oversee and implement all tasks moving this project forward and establishing Foxwoods Casino Philadelphia as a premiere gaming destination.”
Marchese received her Master’s of Business Administration from Rowan University and a B.A. in Administrative Studies from Glassboro State College.
Foxwoods to help resolve flooding in South Philadelphia, support substantial Community Benefits Agreement; Streamlined process moves project toward completion
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The City of Philadelphia and Foxwoods Casino Philadelphia today announced a joint agreement under which Foxwoods has committed to invest in critical sewer/storm water infrastructure improvements, alleviate traffic, support a Community Benefits Agreement and provide waterfront access for the community. The City has, in turn, agreed to work with Foxwoods on prompt review of all necessary permits and approvals to move Phase I of the project forward.
"The City of Philadelphia and Foxwoods have created a relationship under which Foxwoods can utilize its resources to benefit both the City as a whole and our neighbors," said Foxwoods Casino Philadelphia General Manager James L. Dougherty. "And it puts Foxwoods on track to move toward the approvals we need to begin construction."
Dougherty said the agreement enables Foxwoods to play a key role in helping to resolve a long-standing neighborhood issue: flooding. While Foxwoods has specifically engineered its plans to ensure it does not itself burden the City’s sewer/storm water systems, under the agreement with the City, Foxwoods will contribute to solving the flooding problems experienced by nearby communities. Foxwoods will pay up to $5 million to fund a new, enlarged sewer/rainwater pipe to provide additional capacity for Tasker Street and Reed Street sewer/storm water system, which ties into the City’s system to handle stormwater and will speed the efforts to improve the entire sewer system throughout South Philadelphia. Foxwoods’ contractors will construct the sewer/storm water improvements with plans approved by the City Water Department.
In addition, Foxwoods will fund a new Special Services District to encompass the neighboring communities in the amount of at least $1,000,000 annually after the casino is open to the public. Foxwoods will also make $50,000 available to fund organizational and start-up expenses.
"The arrival of gaming will bring tremendous benefits to the City as a whole, and this agreement addresses a number of key neighborhood impact issues, including transportation, stormwater, and enhanced municipal services," said City Solicitor Romulo L. Diaz, Jr. "The City and Foxwoods Casino Philadelphia will work together to support the safety, services and quality of life our residents deserve."
Diaz noted that the City will receive significant additional tax revenues from its agreement with Foxwoods. “Over the next twelve years, the tax and settlement payments under this deal will generate between $64 and $82 million for the City and School District, above and beyond what is generated from gaming host fees,” said Diaz. “Foxwoods also will provide over $30 million more for enhanced municipal services, enhanced transportation along Delaware Avenue, and the contributions to sewer improvements.”
The City also has committed to working cooperatively with Foxwoods in streamlining the development process and providing prompt review in the consideration of all necessary permits and approvals.
Other key aspects of the agreement include Foxwoods’ commitments to:
- Fund the costs of the traffic mitigation measures;
- Strive to achieve diverse local employee and construction workforces;
- Contribute to the costs of cooperating with the City’s police, fire and other 911 services;
- Support green-friendly construction by including green roof and cool roof technology at an additional cost of $1,000,000; and
- Provide free public access to the Delaware River waterfront.
Payment to Pennsylvania Gaming Control Board marks positive step towards construction
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Foxwoods Casino Philadelphia is marking a critical step toward the start of construction with the payment of the $50 million licensing fee to the Pennsylvania Gaming Control Board. The board received payment this morning.
“This payment is one more step toward beginning construction and operation of our facility,” said Foxwoods Casino Philadelphia General Manager James L. Dougherty. “The Gaming Control Board’s decision to require immediate payment signals confidence that Foxwoods Casino Philadelphia will become a reality on South Columbus Boulevard.”
Dougherty said the payment of the licensing fee, as well as Governor Rendell’s declaration that the re-siting issue is dead, sends the message that the Commonwealth fully expects to receive gaming revenues from Foxwoods.
The Pennsylvania Gaming Control Board selected Foxwoods Casino Philadelphia to receive one of two Category 2 slot machine licenses to be located in the City of Philadelphia in December 2006 and the Philadelphia Planning Commission approved Foxwoods’ plans in August. Foxwoods is prepared to begin construction within days of City Council approval and will be prepared to open and begin generating revenues for the City and the Commonwealth 22 months after the start of construction.
“The sooner we receive approval from City Council, the sooner the State and City will receive millions in tax revenues and thousands of jobs,” Dougherty said. “Every day of delay means lost financial opportunities for the residents of Philadelphia and Pennsylvania.”
Lifelong South Jersey resident takes top legal position
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Foxwoods Casino Philadelphia today announced that Nicholas F. Moles has been named Vice President, General Counsel. Moles began his career in gaming as Assistant Counsel with the New Jersey Casino Control Commission and most recently served as Vice President, Corporate Counsel for the Tropicana Casino and Resort in Atlantic City.
“Nick’s regulatory and corporate compliance background, as well as his experience in the development and expansion of casino hotel properties, are critical to our project,” said Foxwoods Casino Philadelphia General Manager James L. Dougherty. “Nick is incredibly well regarded in the industry, and we’re excited he has joined us as a key member of our team.”
In addition to the Tropicana, Moles has served as vice president, general counsel for a number of Atlantic City casinos since the mid-1980’s, which included the former Atlantis Casino Hotel, Trump Plaza Hotel and Casino and Trump Taj Mahal Casino Resort. His experience in representing clients in the gaming industry ranges from the pre-opening construction phase, approval process and initial licensure of casinos to post-opening operations, including license renewals, financing transactions, casino and hotel expansions, retail leasing and acquisitions and sales of gaming companies. He also served as an Assistant Atlantic County Prosecutor where he was assigned to the trial team. “I’ve had the privilege of serving with a number of top-name gaming organizations over the span of my career and I’m absolutely thrilled to be working with the first-class team Foxwoods and its local partners have brought together to manage this exciting casino project,” Moles said. “I look forward to helping Jim Dougherty guide this project through the approval process and establishing Foxwoods Casino Philadelphia as a premiere gaming destination in the Delaware Valley.”
Moles received both his Bachelor’s and Law Degrees from Villanova University.
The South Philadelphia native served as Director of Operations for Foxwoods Development Company
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Foxwoods Casino Philadelphia today announced that James L. Dougherty has been named General Manager for Foxwoods Casino Philadelphia. Born and raised in South Philadelphia, Dougherty spent 16 years of his career with the Sands Hotel & Casino and the Trump Castle Casino in Atlantic City before joining Foxwoods.
Dougherty most recently served as Director of Operations for Foxwoods Development Company, the development arm of the Mashantucket Pequot Tribal Nation, the owner and operator of Foxwoods Resort Casino in Connecticut, where he analyzed, developed and was responsible for new gaming operations. In this role, Dougherty evaluated existing gaming properties, set up new gaming operations, recruited and hired gaming operations management, and formulated operating policies and procedures. Dougherty was instrumental in selecting Philadelphia as the location for the Foxwoods project, according to Foxwoods Development Company Managing Director Gary D. Armentrout.
“With his extensive background in so many key areas of the development and operations of casinos, no one is better suited to make Foxwoods’ vision a reality here in Philadelphia,” Armentrout said. “Jim will ensure that Foxwoods Casino Philadelphia will be a good neighbor, a successful facility and an excellent addition to Philadelphia’s entertainment landscape.”
Dougherty joined Foxwoods Resort Casino in January of 1998 as Executive Director of Casino Accounting Operations where he was responsible for a staff of more than 1,000 employees. In that role, Dougherty developed and oversaw implementation of procedures assuring compliance with internal controls, the National Indian Gaming Commission and the Mashantucket Pequot Tribal Nation Gaming Commission regulations.
“To open a Foxwoods casino in Philadelphia is an incredible opportunity for me, both personally and professionally,” Dougherty said. “Having grown up here, I feel like I’m coming home. And I feel good about bringing the Foxwoods level of service to my hometown.”
During his time with the Sands Hotel & Casino, Dougherty held a number of operational and financial positions, including front office manager, valet manager, assistant director of hotel operations, assistant hotel controller and manager of coin operations. Dougherty was also responsible for the opening of a Simulcast facility and the design of cages and multi-purpose coin booths, including cost projections, equipment ordering and coordination of construction schedules. He also served as director of hotel operations with Trump Castle Casino.
Dougherty is a graduate of Richard Stockton College with a Bachelor of Arts degree in Accounting. He will be relocating from Connecticut to the Philadelphia area with his wife, Laura, and their three daughters.
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Foxwoods Casino Philadelphia today petitioned the Supreme Court of Pennsylvania to overturn Philadelphia City Council’s R-10A Zoning Ordinance, and to direct the City of Philadelphia to immediately issue the permits necessary to begin construction.
In its filing, Foxwoods contends that City Council and the City of Philadelphia are improperly using their legislative and zoning authority to delay the project in violation of Foxwoods’ rights. Under the Gaming Act, if the City causes improper zoning delays, the Supreme Court is vested with the authority to take direct action to rectify the problem.
“Despite our good faith efforts to work with both City Council and the City of Philadelphia to move this project forward, we have been frustrated by repeated efforts to delay our progress,” said Gary Armentrout, managing director of Foxwoods Development Company. “We are disappointed we had to take this action, but are anxious to receive the approvals we are legally qualified for. The sooner we do, the sooner we can begin generating thousands of jobs and the revenues that have already been built into the City’s five-year plan.”
Foxwoods cites a number of delaying tactics, including reneged commitments by the City for introduction and passage of legislative packages for Foxwoods, as well as the introduction of eight anti-casino bills - two of which became law – despite the clear mandate of state law that casinos would be located at the sites selected by the Gaming Board.
Representatives from the City’s legal department committed in January to ensure passage of the legislation that would allow Foxwoods to proceed, then made the same commitment again in an e-mail dated May 9, 2007. That e-mail provides for final passage of the Commercial Entertainment District package on a date after City Council’s summer recess is set to begin.
“The City’s machinations constitute an obvious effort to delay Foxwoods’ project over the course of the City Council’s summer recess because, while Foxwoods has no realistic expectation whatsoever that City Council would act favorably and pass legislation applying CED zoning to Foxwoods’ project, regardless of City Council’s intention, there is simply not enough time to introduce, consider and pass legislation applying CED zoning to Foxwoods’ property before City Council’s announced recess date of June 14, 2007,” according to the petition.
In addition, the City Solicitor, without justification, removed the previously-scheduled submission from the agenda, despite the City Planning Department’s acknowledgement that all necessary plans and information have been received. This was further confirmed by Mayor Street’s May 31 proposed legislation which, among other things, would have applied CED zoning to the Foxwoods property.
The City Solicitor is requiring that Foxwoods consummate a developer agreement before its submission will be considered by the planning commission, yet SugarHouse’s submission was approved by the commission without the same requirement.
The City has also engaged in actions that specifically prevent the Foxwoods project from progressing, including freezing the permitting process. Foxwoods maintains that despite filing for its permits on January 23, 2007 when the site was zoned C-3 and allowed for the development of a casino, the City has now halted the permitting process and refuses to review Foxwoods’ application. In addition, the City Solicitor’s Office created a roadblock called the “Mandatory Development Process,” which prohibits only casino developers and their representatives from contacting any city official, unless cleared by the City’s Law Department.
According to Foxwoods’ petition, Philadelphia City Council has taken “measure after measure in an effort to thwart” the development of its project. Foxwoods argues that one of the eight bills designed to stall the process, the Anti-Foxwoods R-10A Ordinance, is illegal in that it is both special legislation and spot zoning.
“Despite Foxwoods’ compliance with all CED requirements and the City’s professed support for the project, the City and City Council have systematically set up roadblocks to impede our progress,” Armentrout said.
The actions of the City and City Council have prevented the Foxwoods project from moving forward, and continued delay without Court intervention will cause enormous financial harm to Foxwoods. If the R-10A Ordinance is not struck down and if permits are not issued, both Foxwoods and the Commonwealth will suffer substantial damages and irreparable harm.
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Following a Construction Vendor Fair which drew approximately 200 attendees yesterday, Foxwoods Casino Philadelphia today announced that four bid packages totaling $65 million are available to vendors.
TN Ward Company, construction manager for Foxwoods Casino Philadelphia’s three-phase, $986 million project on South Columbus Boulevard in Philadelphia, announced the bid packages, which include foundation pile, pre-cast concrete, structural steel and concrete work. Between 75 and 100 bid packages will be released during the first phase of construction.
“The release of these bids marks the launch of millions of dollars in wages and revenues this casino will generate,” said Gary Armentrout, managing director for Foxwoods Development Company. “The release of these bids and yesterday’s vendor fair both maximize opportunities for diverse and qualified local businesses.”
The first of three construction phases is scheduled to break ground this summer, creating $654 million in economic spending statewide. Project vendors will help generate this economic activity and the jobs that come with it.
Approximately 200 people representing construction-related businesses and organized labor attended yesterday’s vendor fair at the Wachovia Spectrum. The fair featured two sessions for businesses interested in providing goods and services for the construction of the Foxwoods Casino Philadelphia project. Each session outlined the scope of the project; the process involved in obtaining work on the project; and the Pennsylvania Gaming Control Board’s vendor requirements. Foxwoods held the fair to maximize opportunities on the project for local businesses.
Vendors interested in construction-related opportunities may obtain information by calling the TN Ward Company at 610-649-0400 or Foxwoods Casino Philadelphia at 215-854-6359 option “3.” You may also visit www.FoxwoodsPA.com.
Contact: Maureen Garrity
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Foxwoods Casino Philadelphia today hosted its first Construction Vendor Fair at Bullies Restaurant in Wachovia Spectrum. The fair featured two sessions for local businesses interested in serving as vendors during the construction phase of the $986 million Foxwoods Casino Philadelphia project. Each session outlined for attendees the scope of the project; the process involved obtaining work on the project and the Pennsylvania Gaming Control Boards requirements for working as a vendor.
The vendor fair is one of the ways Foxwoods Casino Philadelphia is working to ensure local businesses can access the opportunities created by the project. Many businesses contacted Foxwoods in advance of the fair to express interest in the project even if they could not attend the actual fair.
“In working with us, the local businesses will have the opportunity to be a part of building a world-class entertainment and gaming facility with dining, shopping, gaming and entertainment opportunities. Our vendors will help us generate more than 11,500 jobs statewide during construction and millions in tax revenue for Philadelphia and the Commonwealth of Pennsylvania that will fund tax relief, schools, more police and other needed services. We are looking forward to working with these businesses, creating opportunity with them and moving forward as a part of the Philadelphia community,” said Gary Armentrout, Chief Development Officer for Foxwoods Development Company.
Phase I of the construction is scheduled to break ground this summer. Phase I will create $654 million in economic spending statewide. Businesses serving as vendors for the project will help generate that economic activity and the jobs that come with it. In total, the three phases of project construction will generate approximately $1.4 billion in economic activity, 11,500 jobs and millions in tax relief for the City of Philadelphia and the Commonwealth of Pennsylvania.
Contact: John Dorsey
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Foxwoods Casino Philadelphia officials today praised Mayor John Street’s veto of a proposed referendum question for the May 15 ballot regarding an unconstitutional ordinance, despite an election year override by the Philadelphia City Council. Foxwoods will continue moving forward with its project because the law is clear- the ordinance cannot survive a legal contest. The proposed referendum is unconstitutional because it seeks to override State law. The faulty ordinance would completely eliminate gaming from all practical sites citywide.
The faulty ordinance, if approved by voters, will also eliminate an estimated $3.2 billion in economic activity, 10,000 jobs and $65 million in annual tax revenues for the City of Philadelphia and hundreds of millions in annual tax revenues for the Commonwealth of Pennsylvania from the two Philadelphia gaming sites.
“While Foxwoods is disappointed, but not surprised by the Council’s action during the election season, the fact remains that the proposed referendum question supports an illegal ordinance. Casino opponents are now illegally attempting to achieve by referendum what they could have attempted through a proper and timely legal exercise of their rights during the public licensing process. Today’s override was against jobs and tax relief, and sends a message to businesses that the Philadelphia City Council does not welcome positive economic development, preferring residents and tourists to spend their gaming entertainment dollars down the road in New Jersey and Delaware,” said Gary Armentrout, Chief Development Officer for Foxwoods Casino Philadelphia.
The override appeases a vocal minority of ‘not in my backyard’ activists. The Foxwoods Casino Philadelphia site has been publicly known as a gaming site since 1995 and the site of this proposed project since 2005. Gaming benefits to Philadelphia include:
- Revenues to fund the $600 million expansion of the Pennsylvania Convention Center that will further create more construction and permanent jobs, tax revenues, tourism and economic development for Philadelphia.
- Additional city revenues to support the call for additional police officers, reducing the School District’s budget shortfall and averting service reductions such as the E-911 Call Center layoffs vigorously opposed, only yesterday, by the City Council.
- Improvements to existing infrastructure issues along South Columbus Boulevard. Foxwoods has committed more than $5 million to improve infrastructure so traffic flows better than today, even after its entertainment facility opens.
- A commitment to hire 95% local Philadelphia residents for on-site facility jobs that include benefits.
- A reduction in wage taxes larger than all the wage tax reductions in the past 12 years combined.
- Senior citizens who earn up to $30,000 a year will also receive additional tax relief.
- Funding for a community managed Special Services District.
- An estimated $300 million over time in charitable giving throughout the Philadelphia region. The local investors in Foxwoods owning 42 percent of the total ownership have irrevocably committed their profits for charitable purposes.
- Waterfront access with a world-class dining, shopping, entertainment and gaming facility.
Meeting the mandate set forth by Foxwoods, traffic engineers Orth-Rodgers & Associates have designed achievable mitigation measures that will allow traffic on South Columbus Boulevard to flow better than it does today. The plan takes into account existing traffic, traffic generated from the Foxwoods Casino Philadelphia project, as well as traffic that is expected to result from other development that will occur based on economic growth generated from the casino.
Orth-Rodgers has worked closely with City and Commonwealth officials on the mitigation measures and, using standards set forth by the Institute of Transportation Engineers, has arrived at a series of measures that will reduce traffic congestion along South Columbus Boulevard by 32 percent.
Improvements along the nine affected intersections include: (see attached for specific mitigation measures at each intersection)
- Re-establishing and updating the coordinated traffic system on South Columbus Boulevard;
- Widening one street, constructing double-left turn lanes at certain intersections and restriping other intersections to enhance the flow of traffic; and
- Creating signalized intersections at two of the streets along South Columbus Boulevard
While these Phase I improvements provide sufficient capacity to improve conditions even with Phase II casino traffic, Foxwoods’ also recommends an additional improvement of constructing a new off-ramp from Southbound I-95 to Dickinson Street, connecting directly and only to Columbus Boulevard.
In addition to these improvements, Foxwoods proposes implementing a series of complementary measures to reduce traffic backups, such as:
- Implementing changeable message signage to route motorists to the least congested route to the site;
- providing additional queuing on site to prevent traffic from spilling back onto Columbus Boulevard;
- working with SEPTA and tour bus operators to reduce the number of cars coming in and out of the casino;
- working to establish a water taxi service to facilitate easy access to attractions along the Delaware River; and
- providing off-site parking and shuttle service for employees.
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Foxwoods Casino Philadelphia would like to thank the Board for their support and confidence in our project. We look forward to bringing our world-class reputation and service, as well as philanthropic and economic opportunities to the region in a way that only Foxwoods can.
Over the past several months, we have been out in the neighborhoods of South Philadelphia, introducing ourselves. We’d like to take this opportunity to thank all of those who have supported us throughout this process. Now that we’ve been granted a license, we’re anxious to begin working with our neighbors to become an integral part of the community.
Substantially More Jobs Will Be Created as Facility Expands
While Foxwoods will bring its gaming expertise to Philadelphia, 95 percent of the people the facility employs here will be hired locally.
Upon opening, Foxwoods Casino Philadelphia will create 950 full-time operations positions, with substantially more as the facility expands. Foxwoods Casino Philadelphia will create jobs for hundreds of people from neighborhoods throughout the city at wage and salary levels higher than those currently paid in the local hospitality industry.
Foxwoods will coordinate with local job training organizations, and provide a career path and opportunities for advancement within the company and the industry.
All full-time employees will be eligible for Foxwoods’ competitive benefits package, including vision and dental.
In addition, hundreds to thousands of indirect jobs will be created by the economic activity that is generated by Foxwoods Casino Philadelphia’s operations, including through increased tourism. Foxwoods is committed to working with local vendors to support the community in which the casino will be built.
Foxwoods Development Company plans to use union labor to build the casino, creating hundreds of jobs.
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Foxwoods Casino Philadelphia officials today pledged to make annual contributions to neighboring communities to improve traffic in the area, as well as to support a special services district. This commitment is in addition to the 42 percent equity that will permanently fund charitable causes in the Delaware Valley.
“Historically, Foxwoods has prided itself on being a good neighbor,” said Gary Armentrout, chief development officer of Foxwoods Development Company. “Foxwoods has committed to bringing the social consciousness we are known for in Connecticut to our community in Philadelphia.”
The Rubin Family Charitable Foundation, The Silver Family Charitable Foundation and Ed Snider - the local partners owning more than 42 percent equity of the casino group - have irrevocably committed to use 100 percent of their profits for charitable causes in the Philadelphia region. This amount is projected to be in excess of $300 million over a ten- year period.
In addition to that commitment, Foxwoods will work together with community leaders to determine the level of funding needed to support a variety of purposes, including education, safety and security, traffic flow, additional city services and senior citizen programs in the neighborhoods adjacent to the Foxwoods project.
Project to Yield Substantial Economic Benefits to City and State plus unprecedented charitable contributions
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Foxwoods Casino Philadelphia today submitted its supplemented and restated Local Impact Report to the City of Philadelphia, the Pennsylvania Gaming Control Board, and is making copies of the report available to local community groups.
The report shows that the proposed Foxwoods Casino Philadelphia project along the South Delaware River waterfront will benefit both the city and the state through the generation of hundreds of millions of dollars in direct and indirect economic activity, thousands of additional jobs and hundreds of millions of dollars in employee payroll and benefits. At least 42 percent of the project’s profits will be pledged to local charities – a commitment that is unmatched among the project’s competitors.
Foxwoods Casino Philadelphia envisions three significant phases totaling nearly $825 million of investment. Phase I will involve the construction of a casino facility accommodating 3,000 slot machines, restaurants, an entertainment venue and a parking structure, in addition to other related infrastructure and site improvements. Then, when permitted under the state Gaming Act, the Foxwoods project will move into Phase II, which will include a structure to house an additional 2,000 slot machines, a garage expansion, additional food and beverage outlets, retail shopping locations, as well as the development of the Pier 60 Entertainment District. Phase III will include additional food and beverage venues and other entertainment facilities, as well as construction of a large assembly and conference space, a 500-room hotel and a health spa.
The total economic impact generated through construction of Phase I is estimated to be nearly $400 million for the city and over $650 million for the state. The construction experts forecast this project would generate about 1,000 new construction jobs. Job creation through the operation of Foxwoods Casino Philadelphia is forecasted to be significant. The casino’s permanent workforce in Phase I is estimated to number 954, based on a detailed analysis of specific positions, and more than 90 percent of these positions will be filled by local residents. Direct employment is expected to ramp up with the expansions for Phases II and III, growing first to 1,254 and then to 1,780 for Phase III.
Through all three phases of the project – including construction, operations and indirect outside spending associated with the casino’s operations – the total amount of economic activity from Foxwoods Casino Philadelphia is estimated to be at $2.35 billion in Philadelphia and $3.44 billion statewide. The entire project, both directly and indirectly, is expected to create more than 15,000 jobs in the city and more than 35,000 jobs statewide, with a boost in employee earnings of $414 million in Philadelphia and $1.05 billion across the state.
Foxwoods Casino Philadelphia is expected to generate more than $40 million in tax revenues to the City of Philadelphia and more than $300 million in tax revenues to the Commonwealth of Pennsylvania annually, once all three phases of the project are completed.
While the financial benefit to the city, state and area workers is substantial, one of Foxwoods Casino Philadelphia’s most positive impacts is its significant profit-sharing commitment to benefit local charities. Major local investors in Foxwoods Casino Philadelphia have committed to contribute at least 42 percent of the project’s total profits to charitable causes. The necessary legal arrangements to provide ongoing charitable donations are already in place, eventually generating hundreds of millions of dollars, primarily intended to help disadvantaged children and youth in Philadelphia and the Delaware Valley.
In addition, the Foxwoods Casino Philadelphia Local Impact Report includes an updated traffic study, which assessed existing and predicted traffic conditions in the area of the casino and proposes eight actions to help minimize the traffic impact of the proposed development, and to mitigate existing traffic problems along the Columbus Boulevard corridor.
Investors to Donate Profits to Charity
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An affiliate of the owner and operator of the world’s largest casino today announced plans to partner with a diverse group of primarily local investors to develop a first-class, 3,000-slot casino along the Delaware River, generating millions in taxes for the city and the commonwealth, as well as millions in economic benefits for the region. In addition, a number of the investors will channel their proceeds to support educational, recreational and cultural initiatives with a focus on children in underserved communities.
Foxwoods Development Company, LLC, the commercial gaming affiliate of Foxwoods Resort Casino in Mashantucket, Connecticut, is partnering with a group of investors operating as Washington Philadelphia Investors, LP. Foxwoods Development Company, LLC is owned by the Mashantucket Pequot Tribal Nation, which is based in southeastern Connecticut. More than 60% of the limited partner investor group is owned by Washington Partners Community Charities, LP, consisting of the Rubin Family Charitable Foundation, the Silver Family Charitable Foundation and Ed Snider, all of whom have committed to donate 100 percent of their profits from the casino to philanthropic endeavors.
The Rubin Family Charitable Foundation and the Silver Family Charitable Foundation were created to fund charitable causes, primarily focusing on disadvantaged children in the Delaware Valley and southern New Jersey. Ed Snider has pledged the funds received on behalf of his interest to charitable causes. The Rubin Family Charitable Foundation was established by Ronald Rubin, CEO of PREIT and a Philadelphia-based real estate developer, whose holdings include the historic Bellevue, and other properties. The Silver Family Charitable Foundation was established by Melissa Silver, daughter of Lewis Katz who is a partner of the NBA’s New Jersey Nets and a partner in the YankeeNets, the entity that owns the NY Yankee baseball team and the YES cable television network. Ed Snider is the Chairman and part owner of Comcast Spectacor whose holdings include the NHL Philadelphia Flyers and the NBA Philadelphia 76ers.
Other limited partner investors in Washington Philadelphia Investors, LP, some of whom have pledged a portion of their interests to charitable endeavors, are 76ers President and General Manager Billy King; world-renowned music genius Quincy Jones; developer Peter DePaul; former Phillies’ centerfielder Garry Maddox; Atlantic City Race Track owner Robert Levy; Temple Women’s Basketball Coach Dawn Staley; local attorney and businessman, Fred Tecce; A.J. Agarwal, a senior managing director of The Blackstone Group, an investment and advisory firm; Sylvia DiBona, wife of the late Independence Blue Cross President and CEO G. Fred DiBona, Jr. and chairman of the foundation to continue his legacy; the Mary Mason Community Foundation, founded by radio talk show host Mary Mason; and local businessman Alan Steinberg.
The joint venture, called Philadelphia Entertainment and Development Partners, submitted an application with the Pennsylvania Gaming Control Board for a casino operating license. Philadelphia Entertainment and Development Partners plans to develop a casino on the approximately 16-acre vacant parcel of land east of Christopher Columbus Boulevard between Tasker Avenue and Reed Street. The casino, which is expected to cost approximately $300 million in the first phase of development, will initially accommodate 3,000 slots, entertainment, and food and beverage venues. It will be constructed with the ability to expand to 5,000 slots, with additional entertainment, restaurant and shopping options.
The site is bordered by Wal-Mart and Home Depot to the south, Comcast’s CN8 studios to the north, and the United Artists Riverview Theater across Columbus Boulevard to the west.
The Philadelphia Entertainment and Development Partners’ site supports the city’s long-term goal of economically reinvigorating the remainder of the riverfront. Siting a casino on the property would positively impact the retail that already exists on Columbus Boulevard, and it is in close proximity to the Convention Center as well as to Philadelphia’s entertainment, restaurants, hotels and other attractions. The site is easily accessible from I-95 from the northeast, southwest, and over both bridges into New Jersey.
Foxwoods Development Company will be responsible for the management of all aspects of the operation, including gaming, entertainment, and food and beverage outlets.
“Foxwoods Development Company was attracted to this opportunity because of the superior partnership group and the excellent site,” said Foxwoods Development Company Chief Development Officer Gary Armentrout. “We looked at other opportunities in Philadelphia and throughout the state and chose this as the best one. We are committed to working with our partners to develop a first-class facility that Philadelphia will be proud of.”
The Mashantucket Pequot Tribal Nation is the owner of both Foxwoods Resort Casino (www.foxwoods.com) and Foxwoods Development Company, its commercial operating arm in the gaming and hospitality fields throughout the United States. Opened in 1992, Foxwoods Resort Casino in Mashantucket, CT has grown to be the world’s largest casino, with 340,000 square feet - more than any other casino – devoted to gaming.