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$500 million budget for Riverwalk casino

14 November 2006

PHILADELPHIA, Pennsylvania -- (PRESS RELEASE) -- The Pennsylvania Partnership Group, along with BHM Gaming Opportunities, Ltd., announced today that they now expect to spend a total of $500 million, a $120 million increase from the original project cost of $380 million, to build the Riverwalk Casino project.

Riverwalk Casino will be 51% owned and controlled by The Pennsylvania Partnership Group (PPG), a majority minority partnership, which includes some of the region's most successful minority businessmen and women. PPG's partner, BHM Gaming Opportunities, Ltd., a group affiliated with Planet Hollywood, will hold a minority interest in the Project.

Riverwalk Casino will now be a $500 million unique gaming and entertainment concept which will consist of more than 100,000 square feet of casino space featuring 3,000 slot machines, a 400-seat entertainment venue, a television and radio studio, six restaurants, and a 3,500-space parking garage. An additional 50,000 square feet will be set aside for a second phase expansion to include an additional 2,000 slot machines, for a total of 5,000 gaming positions. The project will be located on 11.5 acres of land leased from Penn's Landing Corporation at Delaware Avenue and Spring Garden Street.

The Pennsylvania Partnership Group said, "Collectively the partners of Riverwalk Casino have decided to raise additional money to put toward the project to cover new design features and the anticipated higher costs of construction. We felt it was necessary to invest more in order to ensure the facility has adequate resources and that it be completed quickly so Pennsylvania's taxpayers can begin to see the tax benefits of gaming."

"We have brought together a powerful investment group, including York Capital Management, Scoggin Capital Management and Plainfield Asset Management, who, together with Bay Harbour, have over $12 billion of assets under management and substantial liquidity," said BHM Gaming Opportunities Partner Doug Teitelbaum. "This group, together with our lead financial institutions, Merrill Lynch and PNC Bank, the largest bank headquartered in Pennsylvania, ensure we are fully capitalized today in a rising construction cost environment, and as a result are armed with the strength to face additional challenges as we develop a superior gaming product for the Philadelphia Community."

"Riverwalk Casino has several important advantages. We have the best access to public transportation, the fewest number of homes within one mile, and the best access for tourists and conventioneers," said BHM Gaming Opportunities Partner and Planet Hollywood Chairman Robert Earl. "In addition, we will redefine the entertainment experience for Philadelphians by making Riverwalk Casino -- Hollywood on the Delaware."

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