12.12.2007 21:20:00
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Penn National Gaming Wins Endorsement of Sumner County Commissioners for Proposed Hollywood Casino in Wellington, Kansas
Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it
received the unanimous endorsement of the Sumner County Commissioners
for its proposed $365 million Hollywood Casino Resort in Wellington,
Kansas.
The endorsement came at the end of a highly-competitive review process
instituted by the Sumner County Commissioners whereby interested
applicants vying to develop a destination casino resort in Sumner County
submitted proposals by November 28 to the County Commissioners, followed
by in-person presentations on December 10 and 11. Under the State’s
new Gaming Act, an endorsement of the host county is a prerequisite in
negotiating for, and ultimately securing, a state lottery gaming
facility management contract.
In addition to Penn National’s Wellington
proposal, the Commissioners received a proposal from Binion Family Trust
(Marvel Gaming) for a competing Wellington location, and proposals from
Harrah’s Entertainment and MGM Mirage-Foxwoods
Development for competing sites in the City of Mulvane. The Commission
voted to endorse only the two Wellington proposals.
Beginning on or around December 28, Penn National and the Binion Family
Trust will enter into separate negotiations with the State Lottery
Commission for management contracts, which will later be sent to an
independent review Board to determine which is in the best interest of
the State. Final selection is scheduled for May 12, 2008.
"We are very grateful to the Sumner County
Commissioners for their unanimous endorsement of our proposal and we are
delighted with their decision,” said Steven
Snyder, Sr. Vice President of Corporate Development, who presented Penn
National’s proposal to the County. "As
we expressed during our presentation, as the nation’s
top operator of regional gaming facilities, this project is right in our ‘sweet
spot.’ The Commissioners’
endorsement of the Wellington proposals reflects the tremendous amount
of local support in Wellington and the City’s
strategic location in the middle of the County. We’re
confident in our ability to create an economic catalyst for Wellington
and the entire region, and anxiously await the next step in this process.”
The proposed Hollywood Casino Resort –
Wellington is a 450,000 square foot state-of-the-art facility featuring
a 350 room resort hotel with luxury suites, spa and fitness center, and
a 70,000 square foot gaming floor with 1,500 slot machines and 40 table
games; capable of quick expansion to 2,000 slots. In addition, the
casino will feature Hollywood themed-memorabilia, a variety of culinary
options, a sports bar, retail center, and a 1,750-seat entertainment and
convention center. The facility is master-planned for up to $200 million
in additional investment and expansion, including mixed use and retail
space, an executive golf course and another first-class hotel, bringing
the total project to an estimated cost of $565 million.
Penn National also has a lottery gaming facility management application
pending with the State Lottery Commission for its proposed $295 million
Hollywood Casino Resort in Cherokee County, Kansas. By operating
Hollywood Casino resorts in both Sumner and Cherokee Counties, Penn
National looks to create critical mass along the southern Kansas border
and to generate important marketing synergies to better compete against
the ongoing proliferation of Oklahoma tribal gaming.
About Penn National Gaming
Penn National Gaming owns and operates gaming and racing facilities with
a focus on slot machine entertainment. The Company presently operates
nineteen facilities in fifteen jurisdictions including Colorado,
Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi,
Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and
Ontario. In aggregate, Penn National's operated facilities feature over
23,000 slot machines, over 400 table games, approximately 1,731 hotel
rooms and approximately 808,000 square feet of gaming floor space.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual
results may vary materially from expectations. Penn describes certain of
these risks and uncertainties in its filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year ended December 31, 2006. Meaningful factors which could cause
actual results to differ from expectations described in this press
release include, but are not limited to, the passage of state, federal
or local legislation that would expand, restrict, further tax or prevent
gaming operations in Kansas; the failure to obtain or delays in
obtaining the remaining regulatory approvals in Kansas; the availability
or cost of financing; construction factors, including delays, increased
cost for labor and materials; and other factors as discussed in the
Company's filings with the United States Securities and Exchange
Commission. Furthermore, the Company does not intend to update publicly
any forward-looking statements except as required by law. The cautionary
advice in this paragraph is permitted by the Private Securities
Litigation Reform Act of 1995.
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