POCONO MANOR RESORT & CASINO PLANS FOR EARLY OPENING WITH TEMPORARY FACILITY TO MEET GOALS OF GOVERNOR, LEGISLATORS

Temporary Casino Would Enable Pocono Manor to Create Tax Revenue
Sooner Than Other Applicants

POCONO MANOR, PA – JANUARY 18, 2005 – Tax revenue for property tax relief could flow sooner than anticipated from the proposed Pocono Manor Resort & Casino. As part of the Pocono Manor Category 2 Gaming License application, Matzel Development included plans to construct a temporary casino while the remainder of the $1.2 billion project is under construction; it was announced today by Greg Matzel, President of Matzel Development.

“It is clear from their public comments that Governor Rendell and the State Legislature want to deliver tax relief to the residents of Pennsylvania as soon as possible. Gaming was established to do just that,” said Matzel. “My partners and I have made plans for a temporary facility that could realistically be up and running 9 months after we receive a license, generating tax revenue to meet the goals of the gaming legislation.”

The 100,000 square foot temporary casino building, 40,000 square feet of which would be the gaming floor, would house 1,500 slot machines and serve as the resort’s gaming facility until the rest of the resort complex could be constructed. At that time, the temporary facility would be converted into a 6,000-seat arena for large events such as concerts, sporting events, etc. Upon completion of the entire resort complex, the arena will connect with the convention center to also provide added space and services for larger conventions and shows.

“We’re planning a vacation experience second to none on the east coast. The sooner we can open, the sooner we can deliver on our promise of a world-class resort and casino,” added Matzel.

At a recent press conference at Pocono Manor, Pocono Mountains Vacation Bureau Executive Director, Bob Uguccioni offered comments about Matzel’s plans. “This is one of the most exciting projects to ever come to the Pocono Mountains. We’re very excited and offer our full support and cooperation to the new owners of Pocono Manor,” said Uguccioni.

In November, Matzel unveiled his all-star team of partners and consultants led by Dennis Gomes. Gomes brings 35 years of experience in the gaming industry, including stints as 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-level posts at well-known resorts and casinos. At the Tropicana, Gomes is credited with the vision for creating The Quarter – the Trop’s highly acclaimed, $285 million retail, dining and entertainment complex. Gomes’ company, Gomes Gaming Management, LLC will be managing the operations at both the temporary facility and ultimately at the world-class Pocono Manor Resort & Casino.

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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