Forest City Enterprises & Harrah's Entertainment, Inc. File Application to Create Gaming Facility in Pittsburgh
PITTSBURGH, Dec. 28 /PRNewswire-FirstCall/ -- Forest City Enterprises (NYSE: FCEA; FCEB) and Harrah's Entertainment, Inc. (NYSE:HET) have united in a team approach to securing a license to create a gaming facility in Pittsburgh and formally filed their application with the Pennsylvania Gaming Control Board today. The application provides that Forest City Enterprises, together with a group of prominent local business people, will own the gaming facility, while Harrah's Entertainment, Inc. will develop and manage the casino.
"Forest City Enterprises is a $7.4 billion real estate company with a proven commitment to Pittsburgh and has a solid history of results for Pittsburgh and Pennsylvania. Harrah's Entertainment is the biggest name in gaming in the world, with 40 premier casinos," said Albert Ratner, Co-chairman of the Board, Forest City Enterprises, Inc. "Together, we are proud to combine our expertise and put forth a formal application to create a casino in Pittsburgh."
The formal application will be followed by the introduction of a development plan created by Forest City Enterprises, Inc. and Harrah's Entertainment, Inc. that will outline their plans and commitment to the region.
"We at Harrah's are excited about this opportunity in Pittsburgh. With our extensive experience in the gaming industry, we are confident our proposal will be beneficial to Pittsburgh and the Commonwealth of Pennsylvania," said Charles L. Atwood, chief financial officer, Harrah's Entertainment, Inc. "We believe our proposal will be found to be superior because of our gaming- entertainment expertise, our industry-leading loyalty program, and our ability to deliver an exciting branded guest experience. We recognize the entrance of gaming to Pittsburgh is important, and believe the Forest City -- Harrah's team offers the best of both worlds -- a proven record of success in gaming and a highly-regarded real estate developer who is actively involved in the Pittsburgh community."
The proposal put forth by Forest City and Harrah's calls for the development of a casino at Station Square. "Station Square is the right site for a variety of reasons. The property there is ready to go, which will save time and bring revenues to our City and State more quickly. Station Square is already a successful tourist destination, drawing more people than any place in Western Pennsylvania. It is Pittsburgh's place to play and the ideal location for a casino," said Ratner.
About Forest City Enterprises
Forest City Enterprises, Inc. is a $7.4 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. The company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 20 states and the District of Columbia.
About Harrah's Entertainment, Inc.
Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada 67 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. With the acquisition of Caesars Entertainment, Inc., Harrah's now owns or manages through various subsidiaries more than 40 casinos in three countries, primarily under the Harrah's, Caesars and Horseshoe brand names. With nearly 4 million square feet of casino space, more than 40,000 hotel rooms and nearly 100,000 employees, the Harrah's portfolio is the most diverse in the gaming industry. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
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