Planet Hollywood Releases Impact Report

Yesterday, Planet Hollywood went public with the economic impact report regarding their proposed Philadelphia riverfront casino.  According to the report, the casino will not only create more than 2,300 jobs, first year gambling tax revenues will accumulate between $23 and $60 million.

The 35 page document expounded on from where the casino would expect to draw its patrons, “While it is understood that the Riverwalk Casino will primarily serve the local and regional communities around Philadelphia, the project will still generate a portion of its revenue from casino patrons who reside outside of Philadelphia,” A detailed traffic-impact study was submitted along with the economic impact report.

There are five casino operators in the final running to operate a slots parlor in Philadelphia.  Three operators, now including Planet Hollywood of Orlando, Florida, have released impact reports.  The reports vary dramatically in size.  While Planet Hollywood’s report spans only 35 pages, the report released by Donald J. Trump casino sprawls across 100 pages.  The epic report produced by SugarHouse Gaming is covered in no less than 500 pages. 

The two remaining casino operators, Foxwoods Development Corporation and Pinnacle Entertainment Incorporated, have both expressed intentions of producing completed economic impact reports in the very near future. 

Planet Hollywood has their eyes set on the 11.5 acre plot currently controlled by Penn’s landing Corp. and the old incinerator site on North Delaware Avenue at Spring Garden Street for their Riverwalk Casino. 

Plant Hollywood focused on different visitation patterns to generate two scenarios to study in the impact report.  The first scenario involves a guest willing to spend half of his or her disposable income at a casino.  The second scenario involves a patron that spends 80% of their income. 

According to Riverwalk backers, the first scenario would generate $23 million in federal, state, and city taxes in the first year.  It would also produce 2,284 new jobs in the community.  The numbers for the second scenario are projected as $60 million in taxes and 6,391 new jobs. 

The Planet Hollywood’s traffic-impact study included specific solution, involving traffic signals and lane configurations, to relieve congestion at the intersection of Spring Garden Street and Delaware Avenue. 

Backed by major Hollywood stars, Plant Hollywood was founded in 1991.  It currently operates over 20 restaurants in tourist destinations across the world.  Plant Hollywood owns a London casino named Fifty.  In a partnership with Starwood Hotel, it recently bought the Aladdin Resort & Casino in Las Vegas. 

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