CBL Properties (NYSE:CBL) and Stadium Casino, LLC (a joint
venture of The Cordish Companies and Greenwood Gaming &
Entertainment) today announced plans to develop an approximately
100,000-square-foot casino and entertainment complex at CBL’s
Westmoreland Mall in Hempfield Township, Westmoreland County, PA.
The 1.2 million square foot retail, dining and entertainment
destination is located directly off Route 30, approximately 30
miles from downtown Pittsburgh.
The new casino will be located in the space currently occupied
by the Bon-Ton department store, which is closing in early August.
The casino is projected to create more than 600 jobs and generate
millions of dollars annually for the local community. The project
is subject to the review and approval of the Pennsylvania Gaming
Control Board. Once approved, a construction timeline will be
determined.
“CBL’s strategy is to reinvent its properties by bringing new
and exciting experiences to our shoppers. We are adding fitness,
dining, hotels and other uses to properties throughout our
portfolio,” stated Stephen Lebovitz, CBL’s chief executive officer.
“The addition of a casino to Westmoreland Mall is the ultimate
combination of entertainment, dining and experience. We are
especially pleased to attract leading developers of high-profile
gaming and entertainment destinations, such as The Cordish
Companies and Greenwood Gaming & Entertainment. This
combination of gaming and new dining venues, which is the first in
the CBL portfolio will draw new traffic to Westmoreland Mall from
across the region, positioning the property for long-term growth
and success.”
Commenting on the announcement, Joe Weinberg, Partner in Stadium
Casino, LCC, stated, “We look forward to working with the Gaming
Control Board, Hempfield Township and Westmoreland County in
creating an exciting new destination in Westmoreland County. The
property is ideally situated in the region, with excellent
infrastructure and road networks in place. The synergy of this new
gaming and entertainment facility with the existing retail and
dining amenities in the property and surrounding area will be
tremendous.”
“I’ve worked for nine years to expand gaming to allow ancillary
casinos, so it’s gratifying to see this finally come to fruition.
This project will bring a sizeable increase in our tax base, a
significant number of full-time jobs, and will help revitalize the
Westmoreland Mall complex,” added State Senator Kim Ward.
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 a global
leader in Real Estate Development, Gaming & Hospitality,
Entertainment Management and International Urban Planning &
Development. 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 casino, entertainment and hospitality
destinations throughout the United States which welcome over 50
million visitors per year and are the most visited destinations in
their respective regions. In Florida, The Cordish Companies
developed the highly acclaimed Seminole Hard Rock Hotel &
Casinos in Hollywood and Tampa. The Company is the owner and
operator of Live! Hotel & Casino, one of the top grossing
casinos in the U.S. 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. For more information visit
www.cordish.com or follow us on Twitter (@cordishco).
"The Cordish Companies," "The Cordish Company" and "Cordish" are
trademarks used under license by independent corporations, legal
liability companies and partnerships ("Cordish Entities"). Each
Cordish Entity is a separate, single-purpose legal entity that is
solely responsible for its obligations and liabilities. No common
operations or financial interdependency, and no intermingling of
assets or liabilities of the Cordish Entities exists, or should be
deemed to exist, as a result of the potential common reference to
multiple independent entities operating under the names "Cordish,"
"The Cordish Companies" or "The Cordish Company" here or
elsewhere.
About Greenwood Gaming and Entertainment, Inc.
Parx Casino® is the top casino in Pennsylvania. It is
conveniently located 20 minutes north of center city Philadelphia,
I-95 exit 37 or PA Turnpike exit 351 (westbound), exit 352
(eastbound) onto Street Road in Bensalem. Parx features over
200,000 square feet of gaming; over 3,300 slot machines and 133
live table games; over 80 poker tables; live racing & simulcast
action; Parx Grill, an upscale signature restaurant; Foodies quick
service dining; Chickie's & Pete's Crab House and Sports Bar;
360 bar and live music venue; Jax sports bar; Circle Bar; Bamboo
Noodle House; XLounge, an ultra-modern luxury lounge and
complimentary Parking for over 5,000 cars. In January 2018, Parx
debuted a $50M expansion that included the opening of the 1,500
seat live entertainment venue, the Xcite Center; the Liberty Bell
Gastropub, with a farm-to-fork inspired menu; Oliveto, featuring
New York City style pizza and Italian Classics; Parx Poker, the
brand new poker room moving inside the main casino. For more
information on Parx Casino®, visit www.parxcasino.com.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
117 properties totaling 73.4 million square feet across 26 states,
including 75 high-quality enclosed, outlet and open-air retail
centers and 11 properties managed for third parties. CBL
continuously strengthens its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K, and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20180725005897/en/
CBL PropertiesInvestor:Katie Reinsmidt, 423-490-8301Executive
Vice President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.comorMedia:Stacey Keating,
423-490-8361Director of Public Relations & Corporate
CommunicationsStacey.Keating@cblproperties.comorThe Cordish
CompaniesMedia:Cari Furmancfurman@cordish.com
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