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|Penn National Gaming to Proceed with Columbus Casino Development at Former General Motors/Delphi Automotive Plant Site Following Statewide Vote|
WYOMISSING, Pa. & COLUMBUS, Ohio, May 04, 2010 (BUSINESS WIRE) --Penn National Gaming, Inc. (Nasdaq: PENN) announced today that following approval by voters of State Issue 2, it is immediately proceeding with design, planning, environmental remediation and other pre-construction activities for Hollywood Casino Columbus at the 123-acre site of the former General Motors/Delphi Automotive plant located on the west side of Columbus.
Ohio voters approved casinos in the State's four largest cities in November 2009. Following dialog with Columbus government, civic, business and local leaders, Penn National agreed to seek a state constitutional amendment to relocate the authorized Columbus casino from the Arena District to the General Motors/Delphi Automotive plant site which it purchased earlier this year.
Eric Schippers, Senior Vice President, Public Affairs, of Penn National commented, "As indicated in our dialog with the community and voters throughout Ohio, Penn National is committed to working with local leaders and businesses to maximize the long-term economic benefit that our development will bring to Columbus and the State of Ohio. With Ohio voters' approval of State Issue 2 we are moving quickly to the next steps in the development of Hollywood Casino Columbus, which will create 3,500 construction jobs and 2,000 new permanent jobs and generate hundreds of millions of dollars in tax revenues for all of Ohio's 88 counties and every school district in the state."
With a planned budget of approximately $400 million, Hollywood Casino Columbus, which is expected to open in the second half of 2012, will include 180,000 square feet of gaming space, 4,000 slot machines, 100 table games, 25 poker tables, a 4,000 space parking garage, a variety of food and beverage offerings and an entertainment lounge.
Schippers added, "We have begun demolition of the physical structures, and are in the process of determining the extent of the environmental issues that will need to be addressed before groundbreaking, which is scheduled by the end of 2010. We look forward to working with the city of Columbus, as well as neighboring jurisdictions and the community, on planning and pre-construction matters."
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 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.
In the second half of 2010, the Company plans to add table games to its facilities in West Virginia and Pennsylvania and expects to open the first video lottery terminal facility in the state of Maryland in Cecil County. Through a joint venture, Penn National is developing a full casino at Kansas Speedway in Kansas City, which is anticipated to open in early 2012, and is also developing casinos in Toledo and Columbus, Ohio, with openings targeted for the second half of 2012. The Company recently announced its planned acquisition of Beulah Park in Ohio in a transaction expected to close in the second quarter of 2010.
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. Although Penn National Gaming, Inc. and its subsidiaries (collectively "Penn National") believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause Penn National's actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses; the passage of state, federal or local legislation that would expand, restrict, further tax, prevent or negatively impact operations (such as a smoking ban at any of our facilities) in the jurisdictions in which we do business or seek to do business; the activities of our competitors and the emergence of new competitors; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the costs and risks involved in the pursuit of those development opportunities; the availability and cost of financing; the effects of local and national economic, credit, capital market, housing, energy conditions on the economy in general and on the gaming and lodging industries in particular; and other factors as discussed in Penn National's Annual Report on Form 10-K for the year ended December 31, 2009, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. Penn National does not intend to update publicly any forward-looking statements except as required by law.
SOURCE: Penn National Gaming, Inc.
Penn National Gaming, Inc.