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.