The Cordish Companies And Penn National Gaming Announce Union Agreements For Construction And Operation Of Live! Hotel & Casino New York

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

Copyright Business Wire 2010

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