Kansas Entertainment, LLC Resubmits Hard Rock Casino Bid

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Kansas Entertainment, LLC, a partnership between Kansas Speedway® and principals of Baltimore-based The Cordish Company, resubmitted a bid today for a Hard Rock Casino overlooking Turn 2 at Kansas Speedway.

 

The overall proposal calls for an approximately $700 million entertainment destination to include a first-class casino, hotel, spa, convention center and entertainment/retail district. The initial phase of the project will be a first-class Hard Rock-branded casino with an overall budget of approximately $390 million, and which will include a 100,000 sq. ft. casino floor, high-energy center bar, and dining and entertainment options.

 

Kansas Entertainment, LLC has also committed as part of its proposal to donate an additional one percent of its gaming revenues to the Unified Government of Wyandotte County/Kansas City, Kan. for use in charitable and civic causes.  This is in addition to the statutory taxes payable to the State and local governments. 

 

As part of the proposal, Kansas Speedway’s parent company, International Speedway Corporation (“ISC”), will also petition NASCAR for a second NASCAR Sprint Cup Series date for the track if Kansas Speedway and The Cordish Company are awarded the casino management contract for Wyandotte County (Kan.).  

 

Additionally, if awarded the management contract, Kansas Speedway officials have committed to building a road course in the infield of the facility and ISC will petition Grand-Am Road Racing to award Kansas Speedway sports car races.  Kansas Speedway has also committed two free track-side billboards to the state of Kansas to promote tourism if awarded the casino management contract for Wyandotte County.

 

“We are committed to bringing a world-class destination casino to Wyandotte County and Kansas Speedway,” said Kansas Speedway President Jeff Boerger.

“With the addition of a Hard Rock Casino and the potential for a second NASCAR Sprint Cup Series race at Kansas Speedway, our project is uniquely capable of maximizing tourism, tax dollars and national and international media attention for both the state of Kansas and Wyandotte County.”

 

”We are tremendously excited to bring this unique entertainment attraction to Kansas and the Kansas Speedway,” commented Joseph Weinberg, a Managing Partner at Cordish.  “Our firm’s development capabilities, combined with ISC’s national reach and the power of the Hard Rock brand, will make this a transformative development for the region.  As we have demonstrated throughout the country, our firm is uniquely capable of delivering casino destinations in regional markets that exceed all expectations.  We demonstrated this in Florida with our two highly successful Seminole Hard Rock Hotel & Casino developments, and again this year in Indiana with the opening of the Indiana Live! casino.  In addition, the Cordish Gaming Operations team, led by Partner/CEO Dennis Gomes, is second to none.”

 

 

Kansas Speedway

 

Kansas Speedway tickets are on sale now by calling 866.460.RACE or logging onto www.kansasspeedway.com. Ticket packages include the O’Reilly Auto Parts 250 and the Road Runner Turbo Indy 300 on April 25 and 26, 2009, and the Kansas Lottery 300 and the Price Chopper 400 presented by Kraft Foods – the third race in the Chase for the NASCAR Sprint Cup – on Oct. 3 and 4, 2009. O’Reilly Auto Parts Qualifying Day is Oct. 2 and tickets are on sale now.

 

International Speedway Corporation

 

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other

motorsports-related activities.  The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the Daytona 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois;  Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.  In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.

 

The Company also owns and operates MRN® Radio, the nation's largest independent sports radio network; the Daytona 500 ExperienceSM, the “Ultimate Motorsports Attraction” in Daytona Beach, Florida, and official attraction of NASCAR®; and Americrown Service CorporationSM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise.  In addition, ISC has an indirect 50 percent interest in Motorsports Authentics®, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing.  For more information, visit the Company's Web site at www.iscmotorsports.com. 

 

The Cordish Company

 

The Cordish Company (www.cordish.com), now in its fourth generation of family ownership, is a multi-billion dollar conglomerate including one of the leading real estate development companies in the United States.  The company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential.  The Cordish Company also owns and manages a diverse group of operating businesses, ranging from restaurants/clubs to live music promotion to film/media distribution.  The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors. 

 

The Cordish Company is the largest and most successful developer of entertainment districts and concepts in the United

States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations. Many of the Cordish Company's projects involve public/private partnerships and are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of four highly successful projects in Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; and Tampa, FL.  The company currently has over one billion dollars in construction focusing primarily on Sports Anchored Districts.

The Cordish Company has received the highest possible national awards in its various areas of expertise. In real estate, the Cordish Company has received an unprecedented six Urban Land Institute Awards of Excellence.

In gaming, The Cordish Company is best known for its development of the world-famous Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa, Florida.  The company recently developed and is managing a major casino project outside Indianapolis, Indiana, Indiana Live!  Cordish is also partnered with Woodbine Racetrack and Casino on a major expansion of its facility in Toronto, Canada.  The company was also instrumental in the revitalization of downtown Atlantic City with its retail/entertainment project, The Walk. 

 

 

 

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