Developer Bart Blatstein will unveil his plans for a $700 million world-class resort and casino at the site of the former Inquirer building on Wednesday, his company announced.
Blatstein, president and CEO of Tower Developments, is one of several developers expected to submit an application to the state Gaming Control Board for the city's second casino license before the Nov. 15 deadline.
Blatstein purchased the building, located at 400 N. Broad Street, and a nearby parking garage in 2011 for an undisclosed price. According to a press release, "the sheer size, scope and multi-faceted amenities of this unique resort and casino complex will make it a regional tourism attraction that will ignite other area development and push the prosperity and boundaries of Center City north on Broad Street." The release promises that those who attend the "Launch Party" will be the first to see and hear about the plans.
In addition to the development plans, Blatstein is expected to announce the name of the complex and its operation management partner, the release said, adding that many of the area's "movers and shakers" are expected to attend.
Parkway Corp.'s Robert Zuritsky and development magnate Don Peebles have also expressed interest in building a second casino. SugarHouse, the city's only casino, has opposed a second gaming hall in Philadelphia after the Foxwoods project never got off the ground.
After the applications are received, a final decision could take nine to 12 months, the gaming board has said.
Some state lawmakers have advocated moving the license out of Philadelphia or putting it up for statewide bid, but no legislative action has been taken.