Here's the press release:
Philadelphia Entertainment & Development Partners File Petition for Reconsideration with Gaming Board; Affirm Receipt of Commitments for Debt and Equity Funding and Intention to Immediately Pursue Construction
Philadelphia – January 10, 2011, Philadelphia Entertainment & Development Partners, L.P. (PEDP), backers of the proposed casino on South Columbus Boulevard in Philadelphia, today filed a petition for reconsideration of the Pennsylvania Gaming Control Board’s recent decision to revoke PEDP’s gaming license. Since the Board’s revocation decision of December 16th, PEDP and Caesars Entertainment have prepared the necessary work and taken the necessary steps to address and satisfy all the unresolved matters cited by the Board. The parties have confirmed that all documentation has been completed, commitments for all required debt and equity financing have been secured, and the parties are ready to pursue construction of the project immediately.
PEDP and Caesars Entertainment remain committed to developing the proposed casino and believe it will bring tremendous benefits to the Commonwealth and the City of Philadelphia.
In support of its filing, PEDP submitted to the Board completed agreements and related documents with Caesars Entertainment and updated commitments for the debt and equity financing. These documents confirm the following:
• Definitive agreements have been completed by the parties.
• Caesars Entertainment has agreed to fund any shortfall in the anticipated equity required for the project.
• Debt commitments have been obtained for the remaining funding necessary for the completion of the project.
• PEDP has reaffirmed its commitment to fund charities supporting the underprivileged children of the Philadelphia region, alongside Caesars Entertainment’s long standing tradition of supporting local charities and encouraging employee volunteerism, and is prepared to work with the Board and Staff in responding to any specific concerns in that regard.
With these measures in place, PEDP is now in position to pursue construction of the initial phase. Immediately upon a favorable decision by the Board to rescind its revocation order, PEDP expects to apply for all necessary permits and approvals from the City of Philadelphia and the Board. PEDP is hopeful that its continued efforts will be viewed favorably by the Board so that it may move forward with the project as soon as possible. PEDP remains committed to the Philadelphia market and delivering thousands of needed jobs and millions in tax revenue to the Commonwealth of Pennsylvania and the City of Philadelphia.
The initial casino is expected to create close to 1,000 full-time equivalent jobs and the construction phase is expected to generate 650 construction jobs.
The proposed casino will sit on the banks of the Delaware River on South Columbus Boulevard. PEDP expects to open with 1,500 slots and more than 70 table games, and eventually expand to 2,200 slots and up to 100 table games. The casino plans feature several dining amenities, including a feature steak house and Philadelphia themed sports bar.
The casino is anticipated to open in 2012 assuming all gaming and other approvals and permits are received in early 2011.
The statements in this release that refer to plans and expectations for future periods are forward-looking statements and are not guarantees of future performance and involve significant risks and uncertainties. The actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation receipt of necessary permits and approvals for development of the project, our ability to complete all requirements of lenders in connection with financing for development of the project; changes in gaming legislation in Pennsylvania; favorable resolution of a petition seeking reconsideration of revocation of our license; the ability of certain principals to satisfy all necessary licensing requirements under Pennsylvania gaming laws; and economic conditions in general and in our specific market areas. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we can give no assurance that our plans, intentions or expectations will be achieved. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We do not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.