The Cordish Companies and Penn National Gaming File Application for $750+ Million Live! Hotel & Casino New York
01 July 2014 - 4:00AM
Business Wire
Application includes creation of Angel
Incubator “H2V2” Organization to attract new economic development
to the Hudson Valley-Catskills Region
The Cordish Companies (“Cordish”) and Penn National Gaming, Inc.
(PENN: Nasdaq) (“Penn National”) formally filed their application
today for a gaming license in the Hudson Valley-Catskills Region in
the state of New York. The application to develop the $750+ million
Live! Hotel & Casino New York consists of well over a thousand
pages detailing finances and capital structure, design of the
facility, amenities, sustainability, responsible gaming, and
workforce development, among many other details.
“Our team has worked tirelessly for the last three months to
develop the best project for the Hudson Valley-Catskills Region,”
said David Cordish, Chairman of The Cordish Companies. “No other
applicant can match our comprehensive plan to maximize revenue and
jobs in the state of New York while simultaneously empowering the
region to grow exponentially for years to come.”
Cordish and Penn National’s application includes the creation of
a unique Angel Incubator – “H2V2” – non-profit organization to
attract new or existing out-of-state manufacturing, computer
science, and research businesses to the Hudson Valley-Catskills
Region. Cordish and Penn National will fund H2V2 with a $1.5
million annual grant in perpetuity and will include Board
representatives from New York based Universities and Community
Colleges in one or more of the three business areas to judge
applicants and assist grant recipients in the development and
operations of their businesses.
“H2V2’s sole mission will be to create long-term economic growth
in the region. We plan to both attract and develop high-caliber
businesses to serve the Hudson Valley-Catskills Region, the state
of New York, and bring with it thousands of new jobs and
opportunities for residents,” said Cordish.
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.
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 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
The Cordish CompaniesCarmen E.
Gonzales443/842-1992carmen.gonzales@marylandlivecasino.comorPenn
National GamingEric
Schippers610/378-8321eric.schippers@pngaming.com
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