The Cordish Companies (“Cordish”) and Penn National Gaming, Inc.
(PENN: Nasdaq) (“Penn National”) announced today that they have
signed agreements with the Hudson Valley Building and Construction
Trades Council and the Hotel and Motel Trades Council, AFL-CIO to
work together to foster economic development in South Blooming
Grove, Orange County, and the Catskills/Hudson Valley Region.
“We are excited to be partnering with Cordish and Penn and
believe that the Live! Hotel & Casino project will create
considerable opportunities for the working families of South
Blooming Grove, Orange County, and throughout the region,” said
Todd Diorio, President of the Hudson Valley Building and
Construction Trades Council.
“The Hotel and Motel Trades Council is delighted to have reached
a labor peace agreement with The Cordish Companies and Penn
National Gaming and look forward to working with them to create
good jobs with fair wages and benefits for New Yorkers,” said Peter
Ward, President of the Hotel and Motel Trades Council.
“We are extremely proud to have both the Hudson Valley Building
and Construction Trades Council and the Hotel and Motel Trades
Council, AFL-CIO as partners for our economic development efforts
in South Blooming Grove and across the region,” said David Cordish,
Chairman and CEO of the Cordish Companies. “When we enter a
community, our focus is always on building relationships at the
local level, so we’re thrilled to be working with the two of the
strongest and most effective labor organizations in New York.”
The Cordish Companies and Penn National Gaming’s proposed $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
including Bobby Flay Steak, Smorgasburg, The Cheesecake Factory,
Fornino, and Bobby’s Burger Palace; 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.
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.
Live! Hotel & Casino New York renderings, additional
information about the project, and Facebook and Twitter sign up for
updates 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 and
regulatory approval 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
The Cordish CompaniesCarmen E. Gonzales,
443-842-1992carmen.gonzales@marylandlivecasino.comorPenn
National GamingEric Schippers,
610-378-8321eric.schippers@pngaming.com
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