PA funding convention center expansion with gaming revenues

from today's GlobeSt

UPDATE Last updated: July 23, 2007 07:22am

State OKs $880M for Convention Center
By Marita Thomas

"PHILADELPHIA-The Pennsylvania legislature has included a total of $880 million for expansion of the Pennsylvania Convention Center here in its budget. Gov. Ed Rendell has agreed to sign the bill." ...

"The state funding will come from taxes on casino revenues from throughout the Commonwealth. Just three Pennsylvania casinos, all at racetracks, are currently open, and not all of them have been open all year. According to the Pennsylvania Gaming Control Board, the combined year-to-date revenues from Mohegan Sun at Pocono Downs in Wilkes-Barre, Philadelphia Park in Bensalem, and Harrah’s Chester Downs in Chester is approximately $4.3 billion, and revenues are taxed at 55%.

The Philadelphia Redevelopment Authority has acquired the 27 parcels that extend two blocks west to Broad Street between Race and Arch streets. Plans for the expansion began nearly eight years ago and became mired in the existing center’s myriad problems with trade unions and management. The Convention Center Authority approved an initial design and the $700-million budget in December 2006.

Expansion will add approximately 300,000 sf to the center’s existing 640,000 sf, raise the number of exhibit halls from four to seven, and add 60,000 sf of ballroom space and 72,000 sf of additional meeting-room space. It is expected to open in 2010. " ....

for the complete story see: http://www.globest.com/news/954_954/philadelphia/162471-1.html