Stadium Casino, LLC and CBL Properties Announce Satellite Casino Entertainment Facility Joining CBL's Westmoreland Mall in Hempfield Township, PA
BALTIMORE and CHATTANOOGA, Tenn. (July 25, 2018) - Stadium Casino, LLC (a joint venture of The Cordish Companies and Greenwood Gaming & Entertainment) and CBL Properties (NYSE: CBL) today announced plans to develop an approximately 100,000 square foot casino and entertainment complex at CBL's Westmoreland Mall in Hempfield Township, Westmoreland County, PA. The 1.2 million square foot retail, dining and entertainment destination is located directly off Route 30, approximately 30 miles from downtown Pittsburgh.
The new casino will be located in the space currently occupied by the Bon-Ton department store, which will close in early August. The casino is projected to create more than 600 jobs and generate millions of dollars annually to the local community. The project is subject to the review and approval of the Pennsylvania Gaming Control Board. Once approved, a construction timeline will be determined.
"We look forward to working with the Gaming Control Board, Hempfield Township and Westmoreland County in creating an exciting new destination in Westmoreland County," stated Joe Weinberg, Partner in Stadium Casino, LLC. "The property is ideally situated in the Region, with excellent infrastructure and road networks in place. The synergy of this new gaming and entertainment facility with the existing retail and dining amenities in the property and surrounding area will be tremendous."
Commenting on the announcement, CBL's CEO, Stephen Lebovitz said, "CBL's strategy is to reinvent its properties by bringing new and exciting experiences to our shoppers. We are adding fitness, dining, hotels and other uses to properties throughout our portfolio. The addition of a casino to Westmoreland Mall is the ultimate combination of entertainment, dining and experience. We are especially pleased to attract two leading developers of high-profile gaming and entertainment destinations, The Cordish Companies and Greenwood Gaming & Entertainment. This combination of gaming and new dining venues, which is the first in the CBL portfolio will draw new traffic to Westmoreland Mall from across the region, positioning the property for long-term growth and success."
"I've worked for nine years to expand gaming to allow ancillary casinos, so it's gratifying to see this finally coming to fruition. This project will bring a sizeable increase in our tax base, a significant number of full time jobs, and will help revitalize the Westmoreland Mall complex," Stated State Senator Kim Ward.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 117 properties totaling 72.8 million square feet across 26 states, including 74 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information, visit cblproperties.com.
Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.
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 & Hospitality, Entertainment Management and International Urban Planning & Development. 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 casino, entertainment and hospitality destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. In Florida, The Cordish Companies developed the highly acclaimed Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa. The Company is the owner and operator of Live! Hotel & Casino, one of the top grossing casinos in the U.S. 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. For more information visit www.cordish.com or follow us on Twitter (@cordishco).
"The Cordish Companies," "The Cordish Company" and "Cordish" are trademarks used under license by independent corporations, legal liability companies and partnerships ("Cordish Entities"). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names "Cordish," "The Cordish Companies" or "The Cordish Company" here or elsewhere.
About Greenwood Gaming and Entertainment, Inc.
Parx Casino® is the top casino in Pennsylvania. It 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 over 200,000 square feet of gaming; over 3,300 slot machines and 133 live table games; over 80 poker tables; live racing & simulcast action; Parx Grill, an upscale signature restaurant; Foodies quick service dining; Chickie's & Pete's Crab House and Sports Bar; 360 bar and live music venue; Jax sports bar; Circle Bar; Bamboo Noodle House; XLounge, an ultra-modern luxury lounge and complimentary Parking for over 5,000 cars. In January 2018, Parx debuted a $50M expansion that included the opening of the 1,500 seat live entertainment venue, the Xcite Center; the Liberty Bell Gastropub, with a farm-to-fork inspired menu; Oliveto, featuring New York City style pizza and Italian Classics; Parx Poker, the brand new poker room moving inside the main casino. For more information on Parx Casino®, visit www.parxcasino.com.
View press release online here.