Thursday, June 08, 2006

Casino took another step forward Tuesday night, as the Paradise Township
Board of Supervisors voted unanimously to approve the preliminary land
development plan for the first phase of a $360 million plan to redevelop the
site of the former Mt. Airy Lodge. "This action keeps us moving ahead as we
seek to secure a gaming license for the region," said Louis A. DeNaples, the
northeastern Pennsylvania businessman who owns Mount Airy. "We will continue
to work with Paradise Township to ensure Mount Airy Resort & Casino meets
the needs of the community and complements - not competes with - existing
businesses and attractions in the Poconos."

Phase I of the redevelopment plan calls for the construction of a 200-room
luxury resort hotel, a gaming and entertainment complex that would house
3,000 slot machines, four restaurants, two live entertainment lounges, an
18-hole championship golf course, an indoor pool, spa, retail shops, and a
covered parking facility.

Phase I construction is estimated at $300 million, which would be followed
in Phase II with an expanded casino to accommodate a total of 5,000 slot
machines, an additional 200 luxury hotel rooms, and additional conference,
entertainment and parking facilities. The plan also provides nearly 550
acres of green space.

The Supervisors attached a number of conditions to its vote. Conditions
include securing local, county, state, and federal permits before
construction and signing of a developer's agreement outlining the process by
which Paradise Township will take over Woodland Road from the state.

Mount Airy is expected to open in the Fall of 2007 after the first phase of
construction is completed. The resort will be run by a world-class team of
gaming industry executives led by Paul Henderson, the former President and
Chief Operating Officer of Caesars Atlantic City, the Atlantic City Hilton,
and Trump Marina Hotel and Casino. The operations team has worked at more
than 50 casinos and gaming companies worldwide, and has an extensive
background in the development, design, opening and operation of gaming
facilities.