PHILADELPHIA, Dec. 5, 2006 (PRIME NEWSWIRE) -- Riverwalk Casino today announced its sponsorship of the 2006 New Year's Eve fireworks show at Penn's Landing. As a result, this year's show will be renamed Riverwalk Casino Presents the 2007 New Year's Eve Fireworks Spectacular.
Riverwalk Casino is a $500 million Category 2 majority minority gaming applicant which is backed by the Pennsylvania Partnership Group (PPG), a group of Philadelphians in partnership with BHM Gaming Opportunities, Ltd. BHM is a joint venture between Robert Earl, founder of Planet Hollywood International Inc., and BH Casino and Hospitality LLC, managed by Douglas Teitelbaum, principal and manager of SEC registered investment advisor Bay Harbour Management, LC.
The proposed casino will be located at Penn's Landing's Festival Pier, Delaware Avenue and Spring Garden Streets. In addition to state and local tax revenue, Riverwalk Casino will also generate $1.6 billion in lease payments to Penn's Landing for additional community benefit.
"When we heard that this year's annual Penn's Landing fireworks may not happen because they had not found a sponsor, we immediately stepped up," said Robert Earl, BHM Gaming Partner and Chairman and CEO of Planet Hollywood International. "Our sponsorship of the New Year's Eve fireworks is the first community-wide benefit of bringing gaming to Philadelphia, and we are pleased to sponsor a show which is enjoyed across the region. If we are granted a license, we will make sponsoring these fireworks an annual tradition."
"As Philadelphia natives, watching the Penn's Landing New Year's Eve fireworks is a city tradition," said Willie Johnson, Chairman of PPG. "As local investors we care deeply about this city, because it is where we grew up, where we live, and where we have raised our families. We are proud to be associated with this year's show and hope to be associated with it for years to come."
"We are thrilled but not surprised that Riverwalk has come to the rescue," Joseph P. Brooks, Acting President of Penn's Landing Corporation states. "Their pledge of 2.5 percent of the casino's net profits, up to $3 million for community causes, and the local owners' group's commitment of 20 percent of its profits for citywide benefits is consistent with what we've seen from Riverwalk's partners," continued Brooks. "Without a sponsor, there is no doubt that this 16 year tradition would have ended. Every year businesses along the waterfront and all over the City hold special New Year's Eve events based around the fireworks, and without them these events would not be possible. By making this year's fireworks possible, Riverwalk is showing its genuine support of Penn's Landing and the Greater Philadelphia region."
The fireworks are scheduled to begin at midnight on Sunday, December 31st. For more information on the fireworks please visit www.pennslandingcorp.com or www.gophila.com.
The Penn's Landing Corporation logo is available at http://media.primezone.com/prs/single/?pkgid=349
About Riverwalk Casino
Riverwalk Casino is 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.
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. The Pennsylvania Partnership Group also announced an irrevocable 20% commitment of its net profit to the Philadelphia community. The casino also extended an offer for a community benefit agreement to the Northern Delaware Avenue Unity Coalition, an organization representing residents around the proposed casino.
About the Riverwalk Casino Partnership
PPG consists of prominent Philadelphians, predominantly minorities, who are respected and successful business professionals serving on boards and committees such as the African-American Chamber of Commerce in Philadelphia, Martin Luther King Jr. Association, and the Hispanic Bar Association of Pennsylvania.
PPG will partner on the Riverwalk Casino project with BHM Gaming Opportunities, Ltd. itself a joint venture between Robert Earl, founder of Planet Hollywood International Inc., and BH Casino and Hospitality LLC, managed by Douglas Teitelbaum, principal and manager of SEC registered investment advisor Bay Harbour Management, LC.
Mr. Earl and Mr. Teitelbaum both hold non-restricted gaming licenses in the State of Nevada in relation to their voting control of Aladdin Resort & Casino, currently being remodeled as the Planet Hollywood Resort & Casino, located on the Las Vegas Strip. Mr. Earl also operates Fifty, the hottest new gaming concept in London.