Kenneth Shea to Head Coastal Capital Management, a New Gaming, Hospitality and Entertainment Venture

25 September 2009

NEW YORK, Sept. 24 /PRNewswire/ -- Richard T. Fields, Chairman and CEO of Coastal Development, LLC, a privately-held, New York-based developer of resort destinations, luxury hotels and gaming facilities, today announced that Kenneth Shea has joined the Company as President of Coastal Capital Management LLC, an affiliate of Coastal Development.

Mr. Shea has over 20 years of experience in the financial services industry, having worked as both a senior investment banker to, and as a principal investor in, companies operating in the gaming, lodging, leisure & entertainment industries.

Mr. Shea joins Coastal from Icahn Capital, LP, a multi-billion hedge fund run by investor, Carl C. Icahn. At Icahn, Mr. Shea was the Managing Director responsible for all principal investments in the gaming and leisure industries. One of Mr. Shea's higher profile investments at Icahn was the acquisition of Tropicana Entertainment, the gaming company that filed for Chapter 11 bankruptcy protection in May 2008, as a result of a failed LBO in January 2007.

Prior to Icahn Capital, Mr. Shea was a Senior Managing Director at Bear, Stearns & Company, Inc., where Mr. Shea was the Global Head of the Gaming, Leisure and Restaurant investment banking departments. During his twelve years at Bear, Stearns, Mr. Shea was involved in virtually every high profile financing and M&A assignment in the gaming industry.

Richard Fields noted, "I have known Ken for several years, having met him when he was a banker at Bear, Stearns. Ken and I worked on several transactions together, including our efforts to acquire the Trump Marina in Atlantic City. Ken has extensive relationships in both the financial services community and in the gaming, lodging and leisure industries, and he brings a highly valuable and complementary skill set to Coastal. Having worked as both an advisor and as an investor, Ken thinks and acts like a principal, and we are thrilled to have Ken join the team at Coastal."

Commenting on his decision to join Coastal, Ken observed, "I have had the opportunity to work with Richard and his team at Coastal for several years, and I have always been impressed with the entrepreneurial drive and tenacity that characterizes everything they do. In addition to the projects Coastal is currently pursuing in Massachusetts, Atlantic City and Biloxi, Mississippi, I believe there are unprecedented investment opportunities in the gaming, lodging, leisure and entertainment industries today, and I believe Richard and his team at Coastal provide a unique and compelling platform to pursue these opportunities."

Mr. Shea's responsibilities at Coastal will include negotiating, structuring and financing the various projects Coastal is currently pursuing, sourcing additional investment opportunities for Coastal, and raising an investment fund to pursue principal opportunities in the gaming, lodging, leisure and entertainment industries.

About Coastal Development, LLC.

Coastal Development, LLC is a privately-held company based in New York City that specializes in developing & financing resort destinations, luxury hotels and gaming facilities. An affiliate of Coastal Development, LLC is the largest shareholder of Suffolk Downs Thoroughbred racetrack in Massachusetts.

SOURCE Coastal Development, LLC

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