Representatives of The Cordish Companies and Penn National Gaming, Inc. (PENN: Nasdaq) presented renderings and additional details of their proposed “Live! Hotel & Casino New York” to the Village of South Blooming Grove Board of Trustees during a regularly scheduled public work session.
“We’re excited to share our innovative design for a world-class gaming, dining and entertainment resort that fits the fabric of the local community while maximizing the revenue potential for the Hudson Valley-Catskills Region and the State of New York,” said David Cordish, Chairman of The Cordish Companies.
The $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; 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. In addition, it will drive increased visitation to Orange County and the entire Hudson Valley through cross-marketing agreements and local partnerships with area businesses and entertainment venues.
The “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.
A new website has been launched in conjunction with the release of the “Live! Hotel & Casino New York” renderings, which includes additional information about the project and a Facebook and Twitter sign up for updates. The site can be accessed at www.livehotelcasinony.com.