BALTIMORE & WYOMISSING, Pa.--(BUSINESS WIRE)--Jul. 15, 2014--
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
Source: Penn National Gaming, Inc.
The Cordish Companies
Carmen E. Gonzales, 443-842-1992
carmen.gonzales@marylandlivecasino.com
or
Penn
National Gaming
Eric Schippers, 610-378-8321
eric.schippers@pngaming.com
