Penn
National Gaming Files For License
Penn National Gaming, Inc. announced
today that it filed its Category 1 license application
with the Pennsylvania Gaming Control Board (PGCB).
The application relates to Penn National's proposed
Hollywood Casino® racing and gaming facility
at the Company's Penn National Race Course and
includes comprehensive details of the scope
of the project, its budget and the expected
regional economic benefits to be derived from
the facility. The Commonwealth of Pennsylvania
has set a December 28, 2005 deadline for receipt
of Category 1 license applications.
Penn
National's proposed Hollywood Casino at Penn
National Race Course in Grantville will be a
state-of-the art integrated racing and gaming
facility. The estimated $262-million budget
includes $212 million for construction and the
purchase of an initial 2,000 gaming devices
and the $50 million license fee. The Hollywood
Casino at Penn National Race Course will be
a five-story, 365,000 square foot facility and
will be sized for 3,000 slot machines. The amenities
for the initial phase of the project will include:
a food court with three restaurants; a fine
dining restaurant; a sports bar; track side
dining and various concessions to serve the
racing area; entertainment, bar and lounge areas
on the gaming level; and, a five-story parking
garage and valet service parking. Penn National
intends to raze the existing racing facilities
at Penn National Race Course and commence construction
of the new integrated racing/gaming facility
immediately upon being licensed and expects
pre-opening construction to take approximately
twelve months.
Peter
M. Carlino, Chief Executive Officer of Penn
National commented, "The filing of Penn
National's Category 1 license application represents
an important milestone in advancing one of the
Company's highest priority development projects.
We have long believed that Penn National Race
Course represents an ideal opportunity to add
value by applying our proven development and
management skills. We expect to create a quality
entertainment center and elevate the pari-mutuel
offering, while simultaneously driving revenues
and job growth in the state. Subject to regulatory
approval, we expect that the proposed Hollywood
Casino racing and gaming facility will serve
as a centerpiece property in our growing portfolio
of regional assets."
Similar
to the successful approach Penn National has
employed at its Charles Town, West Virginia
facility, Penn National has developed a long-term
Master Plan for Hollywood Casino at Penn National
Race Course. The Master Plan includes the potential
future addition of a buffet, hotel and conference
center, retail outlets, an entertainment center,
an additional parking deck, and additional casino
space which would allow the facility at full
capacity to accommodate 5,000 gaming devices.
Mr.
Carlino added, "We look forward to continuing
our productive work with local officials, the
horsemen and the PGCB to ensure that Hollywood
Casino at Penn National Race Course is an outstanding
thoroughbred race track facility, a quality
entertainment center and an economic contributor
to the region."
Penn
National Gaming estimates that the new gaming
facility will create approximately 1,000 new
jobs with competitive benefits. As outlined
in Penn National's Diversity Plan included in
the license application, Hollywood Casino is
committed to recruiting, developing and retaining
the best employees regardless of race, gender
or other characteristics so that the workforce
reflects the diverse elements of the community.
Penn
National Race Course is located on approximately
600 acres and is 15 miles northeast of Harrisburg,
100 miles west of Philadelphia and 200 miles
east of Pittsburgh. Penn National Race Course
is one of only two thoroughbred racetracks in
Pennsylvania and has been continually offering
live racing since 1972.
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