August 19, 2010
Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) and Rock Gaming LLC, today
announced that subsidiaries have reached agreements under which Rock Gaming will
acquire land and air rights from Forest City for development of a casino along
Huron Road adjacent to the Tower City Center complex in downtown Cleveland.
Under the agreements, Rock Gaming will acquire approximately 16 acres, including
land immediately adjacent to Tower City as well as a portion of the current
Riverview parking lot. The land and air rights transaction is expected to close
in Forest City's fiscal 2010 fourth quarter.
In addition, the two companies also announced an agreement in principle on a
multiyear lease for space in the Higbee Building within Tower City for potential
construction and operation of a Phase 1 casino.
"The casino is an important project for Cleveland and the entire Northeast Ohio
region, and today's agreements are major milestones in moving forward," said
Charles A. Ratner, Forest City president and chief executive officer. "We are
confident that the partnership of Rock Gaming and Harrah's Entertainment will
create and deliver a great project that will benefit not only downtown, but all
of Northeast Ohio for years to come. The Rock Gaming casino at Tower City Center
represents the start of a dynamic new future for downtown entertainment and
economic revitalization in Cleveland."
Forest City owns and operates a total of more than 2 million square feet of
commercial space at Tower City Center, as well as parking for approximately
3,500 automobiles. The complex includes the 365,000-square-foot Avenue at Tower
City retail center, five office buildings - Skylight Office Tower, Post Office
Plaza (formerly the M.K. Ferguson Building), 250 Huron, the Higbee Building, and
the landmark Terminal Tower, the site of Forest City's corporate headquarters -
and the 206-room Ritz-Carlton, Cleveland hotel.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company
with $11.5 billion in total assets. The Company is principally engaged in the
ownership, development, management and acquisition of commercial and residential
real estate and land throughout the United States. For more information, visit
http://www.forestcity.net/.
About Rock Gaming
Rock Gaming LLC is a Midwest-based gaming partnership formed with an initial
focus to develop first-class casinos in two of Ohio's largest cities, as well as
to explore other potential gaming opportunities. The company has an agreement in
principle to partner with Harrah's Entertainment Inc., the world's largest and
most successful gaming company, to build and operate first-class casinos in
downtown Cincinnati and downtown Cleveland. Dan Gilbert, a principal of Rock
Gaming, is also chairman and founder of Quicken Loans, Inc., the country's
largest online retail mortgage lender. In addition, he is the majority owner of
the NBA's Cleveland Cavaliers and the American Hockey League's (AHL) Lake Erie
Monsters, which both play at the Quicken Loans Arena in downtown Cleveland.
Safe Harbor language
Statements made in this news release that state Forest City Enterprises' or its
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. The Company's actual results could differ
materially from those expressed or implied in such forward-looking statements
due to various risks, uncertainties and other factors. Risks and factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the impact of
current lending and capital market conditions on its liquidity, ability to
finance or refinance projects and repay its debt, the impact of the current
economic environment on its ownership, development and management of its real
estate portfolio, general real estate investment and development risks,
vacancies in its properties, further downturns in the housing market,
competition, illiquidity of real estate investments, bankruptcy or defaults of
tenants, anchor store consolidations or closings, international activities, the
impact of terrorist acts, risks associated with an investment in a professional
sports team, its substantial debt leverage and the ability to obtain and service
debt, the impact of restrictions imposed by its credit facility and senior debt,
exposure to hedging agreements, the level and volatility of interest rates, the
continued availability of tax-exempt government financing, the impact of credit
rating downgrades, effects of uninsured or underinsured losses, environmental
liabilities, conflicts of interest, risks associated with the sale of tax
credits, risks associated with developing and managing properties in partnership
with others, the ability to maintain effective internal controls, compliance
with governmental regulations, increased legislative and regulatory scrutiny of
the financial services industry, volatility in the market price of its publicly
traded securities, litigation risks, as well as other risks listed from time to
time in the Company's SEC filings, including but not limited to, the Company's
annual and quarterly reports.
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