Market East Associates Announces Mohegan Sun as Partner and Casino Operator and ‘MARKET8’ as New Project Name

Urban entertainment center to be developed at 8th & Market

PHILADELPHIA--()--Market East Associates, L.P. today announced that Mohegan Gaming Advisors (MGA), a subsidiary of the Mohegan Tribal Gaming Authority (MTGA), will join it as a partner and operate the gaming/entertainment portion of the urban entertainment center to be developed on the block of East Market Street between 8th and 9th Streets in Center City Philadelphia. Market East Associates submitted its application for a Category 2 gaming License in November 2012 and will present its overall plan to the Pennsylvania Gaming Control Board on February 12, 2013.

Previously known as “Casino Philadelphia,” the new name of this urban entertainment center will be “MARKET8.”

MTGA currently operates two of the most successful gaming and entertainment destinations in the United States, Mohegan Sun in Connecticut and Mohegan Sun at Pocono Downs in Pennsylvania. The Authority formed MGA in 2011 to pursue additional partnerships, management contracts, and consulting agreements for casino and entertainment venues in the United States. On October 1, 2012, MGA became a partner in and assumed management of Resorts Casino Hotel in Atlantic City. MGA is staffed with an experienced team of casino executives with a proven track record of accomplishments as highly successful operators and marketers who have achieved tremendous respect in the gaming and entertainment industry.

“There is no doubt that Mohegan Sun is a perfect fit with Market East Associates and the 8th and Market project,” said Bruce ‘Two Dogs’ Bozsum, Chairman of the Mohegan Tribe. “Over the past 16 years we have established ourselves as leaders and experts in exciting destination creation – and the 8th and Market site in Philadelphia, at the center of Philadelphia’s business, retail, convention center, hotel and historic district, is a premier location for our next success.”

Spearheading the casino and entertainment project’s development is Ken Goldenberg of The Goldenberg Group, a renowned leader in real estate development and philanthropy, whose reputation for high-quality, transformative projects in the region is unparalleled; David Adelman, President and CEO of Campus Apartments; Ira Lubert, Chairman and Co-Founder of Lubert-Adler Real Estate; Willie Johnson, Founder and Chairman of PRWT Services; and others.

“Mohegan is one of the nation’s top entertainment and gaming destination operators,” said Ken Goldenberg of The Goldenberg Group, “and we couldn’t be more excited about teaming up with them for the sake of developing a world-class gaming and entertainment project at this premier location. 8th and Market is the “centerpiece” of the East Market Street corridor, which is Center City Philadelphia’s most diverse commercial district. We have been waiting for just this type of an opportunity, as the stewards of 8th and Market, to develop a project with the transformative potential that this project possesses – for the good of both East Market Street and the larger Philadelphia community. Because this site is as central as it is in the Center City district, versus being just another drive-in, drive-out casino project on one of the city’s ring roads, it stands to be way more transformative, derive so much more benefit from the commercial community that it is a part of, and generate far more revenues for both the city and the state, both on its own and as part of the group of five casinos in the greater Philadelphia region, than any of its competitors.

“Market Street East selected ‘MARKET8’ as its new name because of the iconic nature of the 8th & Market Street location. At one point, it was the busiest retail intersection in America. Today it sits midway between the Pennsylvania Convention Center and the convention center hotels on the one hand, and Olde City and the historic district on the other hand. It is immediately across the street from the largest concentration of retail in Philadelphia and from Philadelphia’s vibrant and historic Chinatown. It is at the only place in Philadelphia that the New Jersey PATCO line and Philadelphia’s SEPTA system connect. And it is the proposed site for the Amtrak high-speed line that will situate Philadelphia only 37 minutes from New York City. Accordingly, there is no more strategic location in Philadelphia or the region.”

Moreover, Goldenberg maintains, that, as with all of its projects, it is committed to making sure that this is a “win-win-win” for everybody. This approach and philosophy ramifies not only through Goldenberg’s development company, but through his charitable activities in Philadelphia and across Africa.

Mitchell Grossinger Etess, Chief Executive officer of the Mohegan Tribal Gaming Authority, professes that, “We are thrilled to be part of the 8th and Market Team. We love their energy, commitment, and their sense of responsibility. And we are convinced that, combined with MEA, Mohegan Gaming Advisors will ensure the success of this destination and the maximization of revenue for the Commonwealth for many, many years to come.”

Market East Associates is a unique, cross-cultural group of successful, home-grown professionals, businessmen, real estate developers, casino owners, and philanthropists – with significant Pennsylvania and national gaming experience, significant local and national real estate experience, and significant local and national investment and business expertise. The entire Market East Associates partnership includes: Ken Goldenberg, The Goldenberg Group; Ira Lubert, Chairman and Co-Founder of Lubert-Adler Real Estate; David Adelman, President and CEO of Campus Apartments; Michael Heller, President and Executive Partner of Cozen O’Conner; William A. Landman, CEO of CMS Companies, Willie Johnson, Founder and Chairman of PRWT Services; Bernard Smalley, Senior Counsel, The Tucker Law Group; and Dennis Cook, Founder, WES Health Centers, Thomas A, Leonard, Partner, Obermayer Rebmann Maxwell & Hippel, LLP, William R. Miller, IV, CEO of Ross Associates, Mary V. Lawton, CEO, M. Lawton Associates and Cheryl McKissack, President &CEO of McKissack & McKissack. JCJ Architecture, a firm nationally recognized for successfully blending art and business in its design, is designing the facility. JCJ’s hallmark projects include: Mohegan Sun at Pocono Downs; Foxwoods Casino and Resort in Connecticut; the US Grant Hotel in San Diego; The Saratoga Casino and Raceway; AIG Corporate Headquarters; and the DH Koch Theater at Lincoln Center in New York City.

Editors Note: For logos of MARKET8 and Mohegan Sun, please see contacts below.

Contacts

Grimm & Grove
Alison Grove, 215-837-0966
alison@grimmandgrove.com
or
Mohegan Gaming Advisors
Cathy Soper, 860-862-7841
csoper@mohegansun.com

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Contacts

Grimm & Grove
Alison Grove, 215-837-0966
alison@grimmandgrove.com
or
Mohegan Gaming Advisors
Cathy Soper, 860-862-7841
csoper@mohegansun.com