BALTIMORE & WYOMISSING, Pa.--(BUSINESS WIRE)--July 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: The Wall Street
Journal
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