Forest City Announces Land, Leasing Agreements for Rock Gaming Cleveland Casino Development at Tower City Center

CLEVELAND, OH, Aug. 19 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) and Rock Gaming LLC,  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 (above centered photo) 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 (bottom left  photo)  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, (top right photo)  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."

Contact:  Robert O'Brien, Executive Vice President - Chief Financial, Officer, +1-216-621-6060, or
 Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, both of Forest City Enterprises, Inc.
Web Site: http://www.forestcity.net/