FOUR GROUNDBREAKING INITIATIVES:
- Unprecedented Commitments for Inclusiveness and Local Opportunity
- Commitment to Living Wages
- All Five South Philadelphia Neighborhood Groups Support Project
- Formation of a Diversity Advisory Board
PHILADELPHIA, Nov. 13, 2015 — Stadium Casino, LLC, a partnership between The Cordish Companies and Greenwood Gaming and Entertainment Inc. ("Parx"), which is developing the new destination resort casino in Philadelphia's Stadium District, announced today four trailblazing initiatives agreed to with the City. These agreements set a new standard for development in the City in areas of economic opportunity and inclusivity for local residents. Stadium Casino's $450 million project, which will be entirely privately financed, will generate over $2 billion in economic stimulus to the City, along with $100 million in tax revenues for the City in just its first five years of operation, including $25 million to Philadelphia's School District, and create 3,000 new construction jobs and 2,000 permanent jobs.
1. UNPRECEDENTED COMMITMENT TO INCLUSION AND LOCAL ECONOMIC OPPORTUNITY.
Stadium Casino, LLC has committed to a groundbreaking Economic Opportunity Plan with the City of Philadelphia that calls for goals of:
- 47% to 58% of construction contractors to be Minority Business Enterprises/Women Business Enterprises (MBE/WBE).
- 50% to 60% post-construction professional services and suppliers to be MBE/WBE.
- 42% to 50% of the construction workforce to be minority.
- 50% of the permanent workforce to be minority and 40% to be women.
- 60% of the construction and permanent workforce to be local residents and 85% to be Commonwealth residents.
Stadium Casino, LLC will establish a partnership with local educational institutions to operate training programs for potential casino dealers and other hospitality workers at the casino. The development will be operated in an inclusive and welcoming manner to all guests and will not have a dress code in any part of the facility. The Plan contains significant additional commitments from Stadium Casino, LLC that will further ensure the project has a diverse and inclusive workforce. These include, in part:
- Pre-Opening Community-Based Job Fairs
- Local Job Placement Workshops
- On-line Job Postings, Job Matching and Customized Recruitment Services
- Contractor Mentoring and Apprenticeship
- Community-Based Information Sessions on Job Opportunities and Training Programs
- Community College and University Partnerships for Job Placement
2. COMMITMENT TO LIVING WAGES FOR ALL 5,000 EMPLOYEES.
- Commitment to a minimum wage of no less than $12.00 per hour for the 2,000 permanent jobs and all contractors during operations.
- The 3,000 construction jobs will generate approximately $145 million in estimated new wages and salaries (direct and indirect) during construction, which will be all union.
- Of note, approximately 750 of the permanent jobs will be associated with table games, with expected average total compensation of approximately $70,000 per annum, including tips.
3. COMMUNITY SUPPORT FROM ALL FIVE SURROUNDING SOUTH PHILADELPHIA NEIGHBORHOOD GROUPS.
Stadium Casino, LLC has signed a Community Benefits Agreement (CBA) with all five community groups located in the neighborhoods surrounding its project in South Philadelphia. The CBA:
- Establishes a Community Charitable Fund amounting to a minimum of $15 million in grants from the project to local communities during construction and the twenty years of operations.
- The Charitable Fund grants will be administered by a Community Advisory Board, comprised of members from each of the respective civic associations.
- Calls for Community Employment and Vendor Contract Opportunities for local residents and businesses during construction and operation of the project. Stadium Casino will hold special employment and vendor fairs for local residents and businesses.
"We have been impressed by the community engagement efforts initiated by Stadium Casino, LLC since the very beginning of their outreach into the neighborhood," said Mark Kapczynski, President of the Whitman Council. "We feel we have created an agreement that addresses and protects community interests and demonstrates Stadium Casino LLC's commitment to being a good neighbor."
4. FORMATION OF A DIVERSITY ADVISORY BOARD.
Stadium Casino, LLC has agreed to report to a Diversity Advisory Board to facilitate compliance with the groundbreaking Equal Opportunity Plan outlined above. Councilman Kenyatta Johnson will shortly announce the Committee members as well as additional details on the Committee.
Steven Bradley, Chair of the African American Chamber, commented, "The Stadium Casino agreement with the City is transformative and sets a new gold standard for inclusive economic development in the City."
Zed Smith, COO of The Cordish Companies, and Tony Ricci, CEO of Parx Casino stated, "We are proud that this agreement sets a new standard for inclusivity and opportunity for the Philadelphia community, and is consistent with the principles and practices of Cordish and Parx."
