BALTIMORE & WYOMISSING, Pa.--(BUSINESS WIRE)--Jun. 16, 2014--
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
# # #
Live!
Hotel & Casino
New 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/
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
