Parx Casino owner Greenwood Racing Inc. is putting its plans to construct a 13-story hotel on hold, writes Emma Dooling for the Philadelphia Business Journal.
The company instead will acquire the 167-room Inn at Fox Chase. The hotel, located next to the Parx Casino parking lot in Bensalem, was purchased from Innovative Hospitality Management for an undisclosed amount.
The deal was set to close as of Monday, with Greenwood Racing Inc. planning a multimillion-dollar renovation for the next year.
The project includes upgrades to guest rooms, public spaces, and converting the top floor into 16 luxury suites.
Chief Marketing Officer Marc Oppenheimer explained that the indefinite postponement of the new hotel project is due to uncertainties surrounding Pennsylvania’s regulation of skill games in non-casino environments.
Casino operators argue these machines siphon revenue from casinos, prompting Greenwood to await legal clarity before proceeding with their significant investment.
The hotel, built in 1988, features an outdoor pool, fitness center, meeting space, and the Fox Chase Bar and Grille. It will remain operational during renovations, with no disruptions to existing bookings.
Greenwood’s acquisition follows its recent purchase of two adjacent office buildings, underscoring its long-term investment in the area.
Parx Casino, the largest in Pennsylvania, reported $56.6 million in revenue for May, marking a slight year-over-year decline.
Read more about the hotel at Parx Casino and the halted development in the Philadelphia Business Journal.
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