The Cordish Companies and Penn National Gaming Join Forces to Pursue Gaming Opportunity in New York’s Hudson Valley-Catskills Region

17 April 2014Printer Friendly VersionPost a CommentTell a Friend about this Article

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BALTIMORE & WYOMISSING, Pa.--(BUSINESS WIRE)-- 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.

Source: Penn National Gaming, Inc.

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