PHL Local Gaming’s LoSo concept interests Fortuna Realty
PHL Local Gaming, one of first bidders for the Category 2 gaming licence in the US state of Pennsylvania, has announced that it has received a letter of intent from estate investment and development company Fortuna Realty Group for the development of a hotel as part of its vision for a Casino Revolution-related LoSo Entertainment Center.
The proposed new four-star hotel development would be primarily designed to accommodate LoSo visitors and would be a separate lodging to the 250-room hotel already included on PHL’s Casino Revolution gaming application.
Construction of the new hotel, which is also projected to be a 250-room property, would be contingent upon PHL being awarded a gaming licence
PHL announced plans for the LoSo Entertainment Center in September of this year, explaining that it would become a key feature of its Casino Revolution gaming complex.
Joseph Canfora, PHL’s president, said the LoSo concept would serve as a catalyst for positive economic transformation in the local area, help attract developer and investors, and create a potential 6059 direct and indirect employment opportunities.
Ashish Lall, Fortuna’s director, backed up Canfora’s claims and said the company would also be committed to the concept.
“Fortuna agrees that by transforming the area from FDR Park to the Delaware River Waterfront into a recreation, leisure and entertainment destination, this project will bring many economic and social benefits to the area,” he said.
Nicholas M. Lillo, PHL’s development consultant, said the letter of intent from Fortuna was just one of a series of expressions of interest from potential investors and global and national brands in the new complex.
“In recent weeks, brands such as Lucky Strikes Bowling Lanes; Bobby's Burger Palace; F.A.M.E. Night Market and Ultra Lounge; Rice and Company Restaurant, Sushi Bar and Lounge; Todd English Pub; Texas de Brazil Brazilian Steakhouse; Ill Mulino; and Bassett's Original Memphis Pit BBQ, among others, have all spoken to us about their interest in potential affiliation with the Casino Revolution/LoSo complex, should PHL Local Gaming win the Commonwealth of Pennsylvania's Philadelphia gaming license,” Lillo said.