The Cordish Companies & Penn National Gaming Join Forces to Pursue Gaming Opportunity in New York’s Hudson Valley-Catskills...
17 April 2014 - 1:00AM
Business Wire
- Partnership Combines One of the Premier
Developers in the World with North America’s Largest Regional
Gaming Operator -
The Cordish Companies (“Cordish”) and Penn National Gaming, Inc.
(PENN: Nasdaq) (“Penn National”) announced today that they are
combining efforts to seek a gaming facility and resort in Orange
County, New York.
“Our companies are very familiar with one another and have a
great deal of mutual respect,” said David Cordish, CEO of The
Cordish Companies. “New York will be the beneficiary of the
marriage of two proven operators with the strongest balance sheets
in the industry and an unparalleled track record in operating
regional gaming facilities in competitive environments.”
“We’re proud to bring together the breadth of our experience in
owning and operating 27 facilities in 18 jurisdictions across North
America, with one of the world’s largest and most respected
developers,” said Timothy J. Wilmott, Penn’s Chief Executive
Officer. “We look forward to taking full advantage of our
respective strengths to the benefit of our host communities and the
state.”
“In Orange County, our focus is on a 120-acre parcel of
undeveloped land in the Village of South Blooming Grove,” according
to David Cordish. “With convenient access to 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. With local approval, our plan would be to build a $750
million world class casino and resort with a hotel and spa, marquee
restaurants, and entertainment venues.”
Under the terms of an agreement being finalized by Cordish and
Penn National, a Hudson Valley-Catskills Region facility would be
owned and managed by a new 50/50 joint venture (JV) between the
companies and would feature Cordish’s Live! brand. Cordish and Penn
National are also weighing the feasibility of several potential
sites in and around Albany in the Capital Region, which would
feature Penn National’s Hollywood Casino brand.
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. 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.
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 our ability to secure favorable sites
and obtain local support for the projects 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 the
Company’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.
The Cordish CompaniesCarmen E. Gonzales443/842-1992orPenn
National GamingEric Schippers610/378-8321
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