FOR IMMEDIATE RELEASE:
October 27, 2010
NEMACOLIN WOODLANDS CASINO WILL PRODUCE MOST NEW REVENUE FOR PA, STUDY SHOWS
FARMINGTON, PA, October 27, 2010 – The addition of a gaming venue to Nemacolin
Woodlands Resort will have the greatest positive impact on Pennsylvania gaming revenues when compared to all current applicants, according to a new study completed by TMG Consulting, an internationally-recognized planning, economics and engineering firm.
In the study, TMG Consulting concludes that the addition of a resort gaming license and casino at Nemacolin Woodlands will bring nearly $65 million in new gaming revenue to Pennsylvania by 2013. This impact is over $13 million greater than the new revenue projected to be produced by any other Category 3 gaming license applicant.
TMG Consulting projected the net new Pennsylvania gaming revenue that can be expected from each of the four Category 3 gaming license applicants. The projections are as follows:
NEMACOLIN WOODLANDS RESORT: $65.0 million
EISENHOWER INN, GETTYSBURG: $51.7 million
HOLIDAY INN, MECHANICSBURG: $44.7 million
FERNWOOD RESORT: $42.3 million
The projections for new Pennsylvania revenue take into account total projected annual casino revenue, minus in-state cannibalized revenue. In-state cannibalized revenue is the amount of dollars that would otherwise be spent at an existing Pennsylvania facility. With 60% of guests currently coming from outside of Pennsylvania, Nemacolin is best suited to tap into large out-of-state feeder markets for the casino, including the Baltimore/DC area, Eastern Ohio, New York and New Jersey.
“These conclusions underscore the reasons for our application,” said Chris Plummer, general manager of Nemacolin Woodlands Resort. “We are uniquely prepared to satisfy the spirit of the Gaming Act by adding an important new amenity to an already well-established, year-round resort. And we are able to do so while producing more new revenue for the state, and more new tax revenue, than any other applicant.”
The full report by TMG Consulting is available at:
http://winatnemacolin.com/wp-content/uploads/2010/10/companalysis.pdf
Nemacolin Woodlands Resort has filed an application with the Pennsylvania Gaming Control Board for a Category 3 resort gaming license as authorized under the 2004 Gaming Act. Isle of Capri Casinos, Inc. will manage and market the proposed casino at the southwestern Pennsylvania resort if the license is granted.
More information about the project is available at winatnemacolin.com.
Located in Fayette County, Pennsylvania, Nemacolin Woodlands is one of North America's premier resort destinations, earning a Forbes Travel Guide Four-Star rating and a AAA Four Diamond Rating. Nemacolin Woodlands has also been honored as one of Travel + Leisure magazine’s 500 Best Hotels in the World. Situated on over 2,000 acres, the resort features 335 luxurious guestrooms, suites, townhouses, and private luxury homes, including the AAA Five Diamond Falling Rock boutique hotel and clubhouse. In addition to the internationally acclaimed Woodlands Spa, the resort features the AAA Five Diamond and Forbes Travel Guide Five Star Lautrec Restaurant and offers 36 holes of golf on two championship courses—the Pete Dye
designed Mystic Rock and the traditional Links Course.
MEDIA CONTACT:
Tom Hickey
646.755.9710
tom.hickey@revoagency.com
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