Econsult Solutions, Inc. was retained by Tower Investments to conduct a study on the potential economic and fiscal impact of their proposed entertainment complex in Philadelphia. Tower Investments is proposing to develop The Provence Entertainment Complex, an entertainment complex containing a hotel, a casino, and a mix of non gaming entertainment venues along the north side of three blocks of Callowhill Street between North Broad Street and 17th Street, at the (current) northern edge of Center City and immediately adjacent to the expanded Pennsylvania Convention Center Expansion District. Using Econsult’s integrated regional Economic and Fiscal Impact Model and an input-output model, Econsult Solutions, Inc. estimated the economic benefits of The Provence project with economic benefits including employment, wages, gross sales, investment, and state and local taxes.
The Provence Entertainment Complex represents the highest potential for impact among all possible casino sites within the City. Its many complementary uses will work together to generate a significant amount of economic and fiscal impact within the City and Commonwealth. Its strategic location makes it the site that will cannibalize existing casino activity the least, making more of that economic and fiscal impact new to the Commonwealth and not just a reshuffling of existing impact. And, its catalytic effect on nearby residential and commercial development will result in even more economic and fiscal impact within the City and Commonwealth. Econsult Solutions, Inc. analysis shows no other casino related development in Pennsylvania would better maximize total benefits to the City and Commonwealth, in terms of:
- Direct investment, annual spending, employment
- Corresponding net new state and local tax revenues
- Induced real estate investment by others, generating new development, construction and economic activity in nearby areas
The proposal and report were submitted in November 2012 to the Pennsylvania Gaming Control Board to be considered for a Philadelphia-based Category 2 Slot Machine Operator’s License. The application process is ongoing with public hearings being held throughout the year.
