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Can Sugarhouse be like Harrah's Chester Casino & Racetrack ?

Can Sugarhouse be like Harrah's Chester Casino & Racetrack ?

I had the opportunity to attend a "Shift Into Overdrive" one day real estate seminar as a panel speaker Harrahs Casino - Chestertalking about the state of the Philadelphia Real Estate Market this past week.  It was held at Harrah's Chester Casino and Racetrack.

I was expecting something dingy and awful.  After all of the anti-casino talk in Philadelphia, I was prepared to be accosted by criminals and had my guard on.  At the very least, after everything I have heard there would be homeless people and all sorts of devastation that surely would make me think twice about having casinos in downtown Philadelphia !!

It was only a 20 minute drive from Northern Liberties.  When I got there, I was pleasantly surprised.  I was more than surprised, I was dumbfounded.  The place was awesome.  Even the food was exquisite when we broke for lunch.  I was thinking wow this place is a destination and look at the River !  People can actually see the river !

Harrahs Casino - ChesterLast week, I wrote an article "Sugarhouse Casino - The drama Continues in Philadelphia" which went over the current updates for the project.  Since then, there is talk that Sugarhouse may open as early as 2010 with a temporary structure.  It sounds like both Mayor Nutter and City Council now stand behind the project when for 2 years, they were stalling on it.  It is a little strange for a city in a budget crisis stalling on a project that could have bring in a ton of tax revenue.  And some of the revenue was suppose to ease the burden of the Business Privlidge Tax which could bring business and commerce back to the City.  Of course, I am sure that has changed as now the talk is real estate tax increases and eliminating the tax abatement ?  That will be the subject of another blog post.

 

Either way, without taking sides, I think it would be a good idea for both pro-casino folks and anti-casino rebels to check out Harrahs.  Unless I am missing something, this place rocks !  My next research step will be to visit the Ben Salem casino to see if I get mugged or robbed there.

Below are two more snapshots I took while I was there.   When I see the Delaware River, I dream of being able to walk to it from our condo in Northern Liberties without having to go to Penn Treaty Park.  Sugarhouse - if you build - can you make that happen ?

Harrahs Casino - Chester

Harrahs Casino - View of Delaware River

 What is your opinion of the Sugarhouse Casino ?  For or against and why ?

The Somers - Chris and Stephanie Somers

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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !

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Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kenington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

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Sugarhouse Casino - The drama continues in Philadelphia

 Sugarhouse Casino - The drama continues in Philadelphia

The never-ending controvery over casinos in Philadelphia continued this past week with two interesting updates regarding the Sugarhouse Casino:

Casinos in Philadelphia ?1.  Sugarhouse Casino Picks Up Foundation Permit - This could mean that construction can finally move foward.  However, there are still additional hurdles for Sugarhouse such as whether they can build on state-owned riparian land, the necessity to receive sewer permits and permission from the Army Corps of Engineers regarding ongoing arccheological studies.

2. PA Supreme Court Appoints Referee to Oversee Casino Disputes in Philadelphia - This referee should be versed in kung fu, self defense and wear bullet proof gear due to the strong feelings that are felt on both sides of the issue.   On a serious note, this move seems to benefit the Sugarhouse Casino to make sure that there are no more unwarranted delays from the City of Philadelphia.

 

It is a very controversial issue in the city.  On the one hand, the immediate jobs benefit could beneft the City of Philadelphia immensely, not to mention the new jobs that would be created and the tax revenue that the City is in dire need of.  The original plan was that this could allow for the long awaited tax reduction in the Business Privledge Tax that could help bring companies and jobs back to the City.  One argument is that the longer the City waits on this, the greater risk there will be on the budget crisis in additon to not participating in such a vast stimulus the Casino could provide, both short term and long term in nature.

On the other hand, there is the risk that a Casino on the waterfront would increase the crime rate and provide significant traffic congestion.  Further, the neighborhoods such as the Northern Liberties Neighborhood Association are very concerned in terms of how a casino so close will impact the area.   Other concerns relate to gambling addiction and the comparisons of how other cities like Atlantic City were negatively impacted after casino development.  Further, with the City finally having a Master Plan by Penn Praxis for the River, the concerns are that casinos do not fit well into this plan.

Being a Northern Liberties resident, I would certainly like to see development on the River as it has been a wasteland for decades.  I think the most important aspect for the neighborhoods would be for public access to the river as well as designated green space.  Therefore, it would become a destination.

I guess the question is should a casino lead the way for future development and become that destination ?  It seems like a decent fit next to Waterfront Square.  Perhaps it will be the best of both worlds, having a casino and public access to the River  ? But then again, are the negatives just too risky ?

What are your thoughts ?

The Somers - Chris and Stephanie Somers

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Philadelphia Casinos - are you for them or against ?

Philadelphia Casino - for or against ?In Philadelphia, one of the most sensitive topics and decisions for the community is whether to allow the casinos to come to Philly.

There are 2 casinos, Sugarhouse Casino and Foxwoods Casino that were awarded licenses and sites on the Philadelphia waterfront:

The first is the Sugarhouse Casino which plans on building at the corner of Delaware Ave and Frankford Ave, right where Fishtown and Northern Liberties collides.  The site still has not been awarded all of its permits.  Further, the Fishtown Neighbohood Association as well as the Northern Liberties Neighborhood Association is strongly against this location.  It is such a sensitive issue that it has divided Fishtown as a new community organization was established - Fishtown Action. 

The other casino is Foxwoods which was originally going to go on the South side of Columbus Blvd but is now being pushed to the Gallery on Market St.  The Mayor Michael Nutter just signed an approval for commerical entertainment zoning - see article .   The Chinatown residents are not happy about this recent event at all, but they may not have enough political clout to stop the process versus the folks at Society Hill and Queen Village in regards to the first potential venue.

With Philadelphia being in a deficit, would it make sense to help push these casinos through to increase revenue and help lower the Business Privlidge taxes to help support local businesses ?  Or is the risk of traffic and crime too much of a gamble ?   How will both casinos affect Philadelphia Real EstateNorthern Liberties real estateFishtown real estate ?

It really has become an interesting process.

What is your opinion ?  Should the Philadelphia Casinos stay or should they go ?

Chris and Stephanie Somers - Philadelphia Real Estate

The Philadelphia Real Estate Blog

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Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

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