Live! Hotel & Casino Awarded Final Category 2 Gaming License In The City Of Philadelphia

Project to be First Comprehensive Gaming, Resort, Entertainment and Sports Destination in the U.S.

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Nov 18, 2014, 03:25 ET

BALTIMORE and BENSALEM, Pa., Nov. 18, 2014 /PRNewswire/ -- The Pennsylvania Gaming Control Board today awarded the final Category 2 gaming license in the City of Philadelphia to The Cordish Companies and Greenwood Gaming and Entertainment, Inc. for their proposed LIVE! HOTEL & CASINO PHILADELPHIA project. The hotel, gaming and entertainment destination will be located on the site of the existing Stadium Holiday Inn at 900 Packer Avenue, on the corner of 9^th and Darien Streets, in the heart of the Stadium District in South Philadelphia.

"We're very excited and honored to have been selected by the Gaming Control Board and thank them for their consideration during a very fair, transparent and thorough process," said Joe Weinberg, Managing Partner, The Cordish Companies. "We look forward to working with State and local officials, Mayor Michael Nutter, and the entire community as we move forward with development of a true world-class destination that will attract people from throughout the region for a unique sports, dining, gaming and entertainment experience that can't be found anywhere else in the country."

Cordish and Greenwood have a track record of over-delivering on their developments, and fully intends to do so for this project. The Chairman of The Cordish Companies, David Cordish, stated: "We are very appreciative of the tremendous community support we have enjoyed on our proposal, and I can guarantee we will be excellent neighbors and corporate citizens for the City and State."

Mr. Cordish added, "The State's wisdom in allocating two licenses to the City of Philadelphia will be vindicated in numerous ways, not the least of which is that Live! Hotel & Casino will substantially grow the market for the entire region."

Tony Ricci, Chief Executive Officer of Greenwood Gaming continued, "Greenwood Gaming has demonstrated an unwavering commitment to the City and Commonwealth for many years. We look forward to creating another first-class casino destination that will generate hundreds of millions of new tax dollars and create thousands of new jobs for the region. The powerhouse combination of Greenwood Gaming and the Cordish Companies, who are the two dominant operators in the Mid-Atlantic region, will deliver a game-changing addition to the Philadelphia gaming market that complements and enhances the existing array of world-class amenities, while providing substantial benefit to the local community."

Live! Hotel & Casino Philadelphia will include an approximately 200,000-square-foot facility with a Las Vegas-style casino floor, featuring 2,000 slot machines and 125 table games; an upscale 240-room boutique hotel; a new, approximately 2,500-space parking garage; local and nationally-recognized destination restaurants, and live entertainment venues. The project is immediately proximate to the Philadelphia Sports Complex, already a major tourist destination, drawing 8.5M visitors a year, including many from out-of-state. Ideally situated off Interstates 76 and 95, the property is positioned to become a true regional destination resort casino.

The Project will maximize visitation, both local and out-of-market, and generate approximately $400M in economic benefits during construction, including the creation of 3,000 direct and indirect jobs. Upon completion, the Project will create over 2,000 new direct and indirect jobs, attract 4M additional visitors to the market and generate over $400M per year in annual economic benefits. Live! Hotel & Casino is expected to generate Gross Gaming Revenues in excess of $300M per year, over $1.6B during its first 5 years of operation; which translates into State and Local Taxes in excess of $130M per year; approximately $700M during the Facility's first 5 years.

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 a global leader in Real Estate Development, Gaming & Lodging and Entertainment Management. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies' prominent role in the redevelopment of Baltimore's world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. The Company has developed among the most profitable gaming entertainment resorts in the country, including the Hard Rock Hotel & Casino, Hollywood/Ft. Lauderdale, Florida, Hard Rock Hotel & Casino Tampa, Florida and Maryland Live! Casino, Washington D.C./Baltimore corridor. Over the generations, The Cordish Companies has remained true to the family's core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. www.cordish.com.

About Parx Casino
Parx Casino®, the number one revenue generating Pennsylvania casino, owned and operated by Greenwood Racing, Inc. Parx Casino® is conveniently located 20 minutes north of center city Philadelphia, I-95 exit 37 or PA Turnpike exit 351 (westbound), exit 352 (eastbound) onto Street Road in Bensalem. Parx features 164,000 square feet of gaming; 3,200 slot machines; over 100 live table games; 80 poker tables; live racing & simulcast action; Parxgrill, an upscale signature restaurant; Foodies food court, Chickie's & Pete's Crab House and Sports Bar, 360 bar and live music venue; Jax sports bar, Finish Line bar, SangKee Noodle Bar, Earl of Sandwich® and complimentary parking for over 5,000 cars. For more information on Parx Casino, visit www.parxcasino.com.