FOR IMMEDIATE RELEASE

December 18th, 2007

COMMONWEALTH OF PENNSYLVANIA

Pennsylvania Gaming Control Board
P.O. Box 69060
Harrisburg, PA 17106-9060

CONTACT

Doug Harbach or Richard McGarvey (717) 346-8321

PGCB Approves Philadelphia Park’s Master Plan

Enables issuance of Permanent License

HARRISBURG: The Pennsylvania Gaming Control Board today approved Greenwood Gaming and Entertainment’s phase one master plan for Philadelphia Park Casino and Racetrack. The unanimous approval by the Board allows that facility to start operating under a permanent license beginning December 19, 2007.

Under Pennsylvania’s Gaming Act, Philadelphia Park Casino and Racetrack, located in Bensalem, could operate under a conditional license for only 1 year from the date it commenced slot operations. That period ends at midnight today and, as a condition under the temporary license, approval of a master plan was necessary in order for the facility to receive the permanent license and continue slot operations.

Board Chairman Mary DiGiacomo Colins lauded Greenwood Gaming for working with the Board and other interested parties to create a plan that will assure the future of gaming at Philadelphia Park Casino and Racetrack.

“Philadelphia Park stepped up to the plate over the last month and worked with the Board, local government and horsemen’s groups to finalize a master plan that demonstrates their commitment to building a world class facility,” Colins said. “The plans also show that Philadelphia Park will use numerous cross promotion initiatives to assure that the slots and horse racing facilities operate in the type of integrated manner envisioned under the Gaming Act.”

Expected to be completed in November, 2009, the $250 million plan has the support of the Pennsylvania Thoroughbred Horsemen’s Association, the state Horse Racing Commission, and both Bensalem Township and Bensalem Citizen’s Advisory Group.

In addition to the construction of the slots facility and upgrades to the horse racing grandstand, Philadelphia Park also committed $25 million towards the renovation of 36 barns and 12 dormitory facilities located on the track’s backside area. This commitment is more than twice that mandated under the Gaming Act.

The plan also enables Philadelphia Park to explore options for additional buildout between the grandstand and new casino including retail facilities or a hotel.

For more information about the PA Gaming Control Board visit our website at http://www.pgcb.state.pa.us.

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