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Tioga Downs Casino to undergo expansion

25 October 2016

(PRESS RELEASE) -- American Racing & Entertainment, owner and operator of Tioga Downs Casino located in Nichols, New York, and Vernon Downs Casino Hotel located in Vernon, New York, today announced that it has raised $90 million in new senior secured debt facilities consisting of an $80 million Delayed Draw Term Loan facility plus a $10 million Revolving Credit facility. The Facilities will enable the Company to complete a $134 million expansion of Tioga, transforming the property into a full-scale casino and hotel offering the latest slot machines, table games and entertainment amenities.

Once the Tioga Expansion is complete, Tioga will be the leading regional gaming destination in the Southern Tier of New York featuring an approximate 33,000 square foot casino offering 942 slot machines and 44 table games, a 161-room hotel, 3 restaurants, 3 bars/lounges, an approximate 6,500 square foot event/banquet center, spa and an 18-hole golf course and country club (located off-site). Construction of the new hotel and event center began in September and is expected to be finished in October 2017.

Tioga was formally approved by the NY Gaming Commission for its casino license on 30 August 2016. Tioga is working closely with the NY Gaming Commission and its staff to complete the remaining steps required by law and regulations to convert the property into a full scale casino and looks forward to opening the property as promptly as possible.

Jeff Gural, CEO of ARE, commented, "Getting this project financed is not only a win for us as a company, but also the Southern Tier community. It will act as an immediate catalyst for economic growth by creating over 550 jobs and attracting more people to the area."

He added, "Our business is already booming so I am really encouraged to see the Tioga Expansion continue to drive visitation and improve the local economy."

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