CONSTRUCTION MANAGER FOR THE VENETIAN TAPPED TO BUILD PROPOSED POCONO MANOR RESORT & CASINO

Bovis Lend Lease LMB, Inc. Adds Unparalleled Resort Construction Management Experience to Matzel’s Team of Industry Leaders

POCONO MANOR, PA – JANUARY 30, 2006 – The construction management company for The Venetian Resort, Hotel & Casino and New York’s Time Warner Center has joined the all-star team of partners and consultants working on bringing a world-class resort and casino to the Poconos. Greg Matzel, President of Matzel Development, today announced that Bovis Lend Lease LMB, Inc. has been retained to handle the pre-construction services and construction management of the $1.2 billion Pocono Manor Resort & Casino proposed in Tobyhanna Township, Pennsylvania.

“We have worked very hard to amass an ‘all-star’ team of professionals on this project,” said Matzel. “Bovis Lend Lease is universally respected as the premiere construction management company in the country. Our proposed Pocono Manor Resort & Casino is a complicated project due to the scale and our vision for a luxury destination resort designed over 370 acres. We needed a company that has the experience with building world-class projects - we found that in Bovis Lend Lease.”

Bovis Lend Lease is the second largest construction manager in the United States. In addition to The Venetian Resort, Hotel & Casino in Las Vegas and the Time Warner Center in New York City, former projects include the Four Seasons Hotel and Tower in Miami, the Ritz-Carlton Hotel & Residences in Downtown New York City, the Wyndham Palace Hotel in Lake Buena Vista, Florida and multiple assignments for Foxwoods Casino in Connecticut.

“Having been involved in the gaming industry for more than 35 years, I can think of no other construction manager better suited to help us create an unparalleled visitor experience,” said Dennis Gomes, whose company, Gomes Gaming Management, LLC is the operator of Pocono Manor Resort & Casino. Prior to partnering with the Matzel team, Gomes was president of both the Tropicana Casino & Resort and Trump Taj Mahal Hotel & Casino in Atlantic City and president of the Golden Nugget Hotel & Casino in Las Vegas, among other senior management posts at well-known resorts and casinos.

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“I have been very impressed with Greg, Dennis and the rest of the development team on this project,” said Colin E. Parkes, Senior Vice President, Director of Technical Services for Bovis Lend Lease. “The team at Bovis Lend Lease is genuinely excited about adding Pocono Manor Resort & Casino, a spectacular development in such a beautiful part of the world, to our roster of clients.”

Based upon recent economic studies and current projections, Pocono Manor Resort & Casino will create up to 5,300 construction jobs with an annual construction payroll of $189 million generating increased income tax revenues for the region’s municipalities and school districts.

Matzel Development has submitted an application for a Pennsylvania Category 2 Slots License from the Pennsylvania Gaming Control Board. Pocono Manor Resort & Casino could be up and running with a temporary facility within 9 months of being awarded a license. The balance of the resort would take anywhere from 18 to 20 months after being awarded a license to complete.

Matzel’s plans for a new resort and casino initially include a 1 million square-foot hotel and casino complex housing 750 rooms and a 100,000 square-foot casino consisting of up to 5,000 slots as well as a full-service spa, two 18-hole championship golf courses, a 12-acre lake, indoor and outdoor pools and grotto, 100,000 square feet of meeting and convention space, an 1,800-seat theater, a 100,000 square foot village green, a 300,000 square foot retail village, a tennis center, equestrian facility, shooting ranges, miles of wooded trails, a large selection of dining options and an inter-resort gondola transit system.

Pocono Manor Inn & Golf Resort dwells on approximately 3,000 acres (5.5 square miles) in Tobyhanna and Pocono Townships as well as the Borough of Mt. Pocono. Residing in its own zip code, the resort consists of a nine-story, 257-room inn and conference center, a golf facility with two 18-hole courses, an equestrian facility, indoor and outdoor tennis courts, shooting ranges and miles of trails used for hiking, cross country skiing, horseback riding and snowmobiling.

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