Mt. Airy Casino Moves Ahead - Tuesday 13th of June 2006

PARADISE, Pennsylvania – Casino took another step forward Tuesday night, as the Paradise TownshipBoard of Supervisors voted unanimously to approve the preliminary landdevelopment plan for the first phase of a $360 million plan to redevelopthe site of the former Mt. Airy Lodge.

"This action keeps us moving ahead as we seek to secure a gaminglicense for the region," said Louis A. DeNaples, the northeasternPennsylvania businessman who owns Mount Airy. "We will continue to workwith Paradise Township to ensure Mount Airy Resort & Casino meets the needsof the community and complements - not competes with - existing businessesand attractions in the Poconos."

Phase I of the redevelopment plan calls for the construction of a200-room luxury resort hotel, a gaming and entertainment complex that wouldhouse 3,000 slot machines, four restaurants, two live entertainmentlounges, an 18-hole championship golf course, an indoor pool, spa, retailshops, and a covered parking facility.

Phase I construction is estimated at $300 million, which would befollowed in Phase II with an expanded casino to accommodate a total of5,000 slot machines, an additional 200 luxury hotel rooms, and additionalconference, entertainment and parking facilities. The plan also providesnearly 550 acres of green space.

The Supervisors attached a number of conditions to its vote. Conditionsinclude securing local, county, state, and federal permits beforeconstruction and signing of a developer's agreement outlining the processby which Paradise Township will take over Woodland Road from the state.

Mount Airy is expected to open in the Fall of 2007 after the firstphase of construction is completed. The resort will be run by a world-classteam of gaming industry executives led by Paul Henderson, the formerPresident and Chief Operating Officer of Caesars Atlantic City, theAtlantic City Hilton, and Trump Marina Hotel and Casino. The operationsteam has worked at more than 50 casinos and gaming companies worldwide, andhas an extensive background in the development, design, opening andoperation of gaming facilities.

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