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Pennsylvania Developer Pledges Profits to Community

PHILADELPHIA, Pennsylvania – (PRESS RELEASE) -- Going well above its previously stated commitment to invest $380 million to build Riverwalk Casino, to make more than $1.3 billion in lease payments to Penn's Landing Corporation and to add almost 1,000 new jobs, the Pennsylvania Partnership Group (PPG, 51% owners of Riverwalk Casino), the only majority-minority applicant seeking a gaming license in the city, today announced an irrevocable 20% commitment of its net profit to the Philadelphia community.

In addition, Riverwalk Casino, and all its owners and operators, pledged 2.5% of net profits up to a maximum of $3 million per year for community development including local neighborhoods.

"We have said from the beginning that we would only become involved with this opportunity if a substantial amount of funds were given back to the community, particularly the economically disadvantaged, to empower our neighborhoods, businesses and communities," said Willie Johnson, chairman of PPG. "Today's commitment solidifies that pledge."

PPG's Riverwalk Casino will be a spectacular $380 million gaming and entertainment concept consisting of more than 100,000 square feet of casino space containing 3,000 slot machines, a 400-seat theater, a television studio, six restaurants, two lounges, retail space and a 3,320-space parking garage.

The Pennsylvania Partnership Group, dubbed the Home Team because of its majority control by local minority business leaders, includes some of the region's most successful businessmen and women and is the only majority- minority applicant seeking a Category 2 gaming license in Philadelphia.

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