The Cordish Companies and Penn National Gaming Announce Union Agreements for Construction and Operation of Live! Hotel & Casino

  The Cordish Companies and Penn National Gaming Announce Union Agreements for
  Construction and Operation of Live! Hotel & Casino New York

Business Wire

BALTIMORE & WYOMISSING, Pa. -- July 15, 2014

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

Contact:

The Cordish Companies
Carmen E. Gonzales, 443-842-1992
carmen.gonzales@marylandlivecasino.com
or
Penn National Gaming
Eric Schippers, 610-378-8321
eric.schippers@pngaming.com
 
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