Representatives of The Cordish Companies (“Cordish”) and Penn
National Gaming, Inc. (PENN: Nasdaq) (“Penn National”) tonight
presented renderings and additional details of their proposed
“Live! Hotel & Casino New York” to the Village of South
Blooming Grove Board of Trustees during a regularly scheduled
public work session.
The Cordish Companies and Penn National
Gaming today released details of their proposed "Live! Hotel &
Casino New York." The $750 million project, located in Orange
County, New York, in the Village of South Blooming Grove, includes
an upscale boutique hotel with over 300 rooms and suites; a
destination spa and fitness center; over 3,000 slot machines; more
than 250 live table games, including poker; several marquee
restaurants; as well as a live entertainment venue and a spacious
conference center. The property will be owned and managed by a
50/50 joint venture between the companies. For complete
information, visit www.livehotelcasinony.com (Photo: Business
Wire)
“We’re excited to share our innovative design for a world-class
gaming, dining and entertainment resort that fits the fabric of the
local community while maximizing the revenue potential for the
Hudson Valley-Catskills Region and the State of New York,” said
David Cordish, Chairman of The Cordish Companies.
The $750 million “Live! Hotel & Casino New York” will
include an upscale boutique hotel with over 300 rooms and luxury
suites; a destination spa and fitness center; over 3,000 slot
machines; more than 250 live table games, including poker; several
marquee restaurants; as well as a live entertainment venue and a
spacious conference center. The facility will serve as a regional
economic engine, creating more than 4,000 permanent local jobs and
nearly 3,000 construction jobs. In addition, it will drive
increased visitation to Orange County and the entire Hudson Valley
through cross-marketing agreements and local partnerships with area
businesses and entertainment venues.
The “Live! Hotel & Casino New York” will be owned and
managed by a 50/50 joint venture between The Cordish Companies and
Penn National Gaming who boast two of the strongest balance sheets
in the industry and a proven track record in operating regional
gaming facilities in highly competitive environments. The joint
venture companies have built more ground up casino facilities over
the past ten years than any other company in the country.
A new website has been launched in conjunction with the release
of the “Live! Hotel & Casino New York” renderings, which
includes additional information about the project and a Facebook
and Twitter sign up for updates. The site can be accessed at
www.livehotelcasinony.com.
About the Cordish Companies
The Cordish Companies' origins date back to 1910 and encompass
four generations of privately held, family ownership. During the
past ten decades, The Cordish Companies has grown into one of the
largest and most successful operators of entertainment districts
and concepts in the United States. Within its entertainment
portfolio, The Cordish Companies owns and manages several Live!
entertainment districts throughout the United States which welcome
over 50 million visitors every year and are the most visited
destinations in their respective regions. The Cordish Companies has
received international acclaim for its hospitality developments.
This division focuses on developing and operating best-in-class,
high-profile gaming and lodging destinations. The Cordish Companies
is proud to have developed several of the most successful gaming
and resort destinations in the world including the Seminole Hard
Rock Hotel & Casinos in Hollywood and Tampa, Florida; Maryland
Live! Casino in Hanover, MD and Charleston Place in Charleston,
SC.
About Penn National Gaming
Penn National Gaming, through its subsidiaries, owns, operates
or has ownership interests in gaming and racing facilities with a
focus on slot machine entertainment. Penn National Gaming presently
operates twenty-seven facilities in eighteen jurisdictions,
including Florida, Illinois, Indiana, Iowa, Kansas, Maine,
Massachusetts, Maryland, Mississippi, Missouri, Nevada, New Jersey,
New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario.
In aggregate, Penn National Gaming's operated facilities feature
approximately 31,000 gaming machines, 800 table games and 2,900
hotel rooms.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements can be identified by the use of forward
looking terminology such as “expects,” “believes,” “estimates,”
“intends,” “may,” “will,” “should” or “anticipates” or the negative
or other variation of these or similar words, or by discussions of
future events, strategies or risks and uncertainties. Such forward
looking statements are inherently subject to risks, uncertainties
and assumptions about Penn National Gaming and its subsidiaries,
including risks related to the ability to obtain local support for
the project in New York; and accordingly, any forward looking
statements are qualified in their entirety by reference to the
factors described in Penn National Gaming’s Annual Report on Form
10-K for the year ended December 31, 2013, subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K as filed with
the Securities and Exchange Commission. All subsequent written and
oral forward looking statements attributable to Penn National
Gaming or persons acting on Penn National Gaming’s behalf are
expressly qualified in their entirety by the cautionary statements
included herein. Penn National Gaming undertakes no obligation to
publicly update or revise any forward looking statements contained
or incorporated by reference herein, whether as a result of new
information, future events or otherwise, except as required by law.
In light of these risks, uncertainties and assumptions, the
forward-looking events discussed in this press release may not
occur.
For more information, please visit:
www.livehotelcasinony.com
# # #
CONTACT:
Carmen E. Gonzales Eric Schippers The Cordish Companies Penn
National Gaming 443/842-1992 610/378-8321
carmen.gonzales@marylandlivecasino.com
Eric.schippers@pngaming.com
Live!Hotel & CasinoNew
York
PROPERTY FACT SHEET
Location
The proposed Live! Hotel & Casino New York will be
conveniently located on a 120-acre parcel of undeveloped land in
the Village of South Blooming Grove in Orange County, just minutes
away from Woodbury Common. With convenient access to and from
Interstate 87 and New York State Highway 17, this site is ideally
situated to maximize the revenue potential for this region and the
entire State of New York. For more information, visit
www.livehotelcasinony.com or follow Live! Hotel & Casino New
York on Facebook and Twitter.
Economic and Community Impact
Live! Hotel & Casino New York represents an investment of
$750-million into the local economy. Benefits include, among
others:
- Nearly 3,000 construction jobs and
approximately 4,000 permanent jobs for local and regional
residents
- Significant tax revenue for the Village
of South Blooming Grove and Town of Blooming Grove
- Numerous construction and operations
vendor opportunities for local, minority, women-owned, and
veteran-owned businesses
- Considerable support for local
charities and non-profits
- Traffic mitigation and road
improvements on Route 208
- Marketing partnerships with area
businesses and attractions to promote Orange County and the entire
Hudson Valley
- Enhancement of area hotel, dining, and
entertainment amenities in the region to attract thousands of new
visitors to the area
Employment
Live! Hotel & Casino New York will create approximately
4,000 new permanent jobs and nearly 3,000 construction jobs. Job
opportunities will be available in every field, including hotel and
casino operations, finance, marketing, human resources, information
technologies, food and beverage, facilities, security and
surveillance.
Vendors
Live! Hotel & Casino New York is committed to utilizing the
local Building Trades to construct our facility and supporting
local, regional, minority, women-owned, and veteran-owned
businesses by providing them access to contract opportunities. Our
procurement team will maintain an internal database of diverse
contractors and suppliers that will be used for future bid
opportunities. Interested vendors should visit the website at
www.livehotelcasinony.com in order to register.
The following are just some of the categories of goods and
services we purchase:
- Gaming Operations
- Hotel and Spa Operations
- Furniture, Fixtures and Equipment
- Engineering, Facilities and
Maintenance
- Food & Beverage
- Office and Computer Supplies
- Professional Services
Project Highlights
The project will be a $750-million world-class hotel, gaming,
dining and entertainment resort that will include:
- Upscale Boutique Hotel with over 300
Rooms and Luxury Suites
- Fitness Center and Salon
- Destination Spa
- Over 3,000 State-of-the-Art Slot
Machines
- Over 250 Live Table Games
- Marquee Restaurants
- Live Entertainment Venue
- Spacious Conference Center
Ownership
The “Live! Hotel & Casino New York” will be owned and
managed by a 50/50 joint venture between The Cordish Companies and
Penn National Gaming who boast two of the strongest balance sheets
in the industry and a proven track record in operating regional
gaming facilities in highly competitive environments. The joint
venture companies have built more ground up casino facilities over
the past ten years than any other company in the country.
About Cordish
The Cordish Companies’ origins date back to 1910 and encompass
four generations of privately-held, family ownership. During the
past ten decades, The Cordish Companies has grown into a global
leader in Real Estate Development, Gaming & Lodging and
Entertainment Management. One of the largest and most respected
developers in the world, The Cordish Companies has been awarded an
unprecedented seven Urban Land Institute Awards for Excellence for
public-private developments that are of unique significance to the
cities in which they are located. Prime examples are The Cordish
Companies’ prominent role in the redevelopment of Baltimore’s world
famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ;
Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and
St. Louis, MO. In addition, The Cordish Companies has developed and
operates multiple highly acclaimed entertainment destinations
throughout the United States which welcome over 50 million visitors
per year and are the most visited destinations in their respective
regions. Over the generations, The Cordish Companies has remained
true to the family’s core values of quality, entrepreneurial
spirit, long-term personal relationships and integrity. As a
testimony to the long-term vision of its family leadership, The
Cordish Companies still owns and manages virtually every business
it has created.
About Penn National Gaming, Inc.
Penn National Gaming, through its subsidiaries, owns, operates
or has ownership interests in gaming and racing facilities with a
focus on slot machine entertainment. The Company presently operates
twenty-seven facilities in eighteen jurisdictions, including
Florida, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts,
Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico,
Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In
aggregate, Penn National's operated facilities feature
approximately 31,000 gaming machines, 800 table games and 2,900
hotel rooms.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140616006600/en/
The Cordish CompaniesCarmen E.
Gonzales443/842-1992carmen.gonzales@marylandlivecasino.comorPenn
National GamingEric
Schippers610/378-8321Eric.schippers@pngaming.com
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