News for the Hospitality Executive
Penn National Gaming Completes Purchase of Former General
Plant in Columbus, Ohio; Planning to Build $400 million Casino Complex
- Statewide Vote Scheduled for May 4 to Seek Approval to Relocate Planned Casino to Brownfield Site on Columbus’ West Side -
WYOMISSING, Pa. & COLUMBUS, Ohio - February 5, 2010 - Penn National Gaming, Inc. (Nasdaq: PENN) announced today it has completed the purchase of 123 acres at the site of the former General Motors/Delphi Automotive plant located on the west side of Columbus on Georgesville Road near the intersection of West Broad Street. The brownfield site is the alternate location for the development of the Company’s planned development of the Hollywood Casino Columbus which is now budgeted at approximately $400 million.
“Closing on this property reflects our ongoing commitment to work closely with Central Ohio’s business and community leaders on this relocation effort, which could, pending voter approval, result in hundreds of millions of private investment dollars for the West Side of Columbus, an area in need of an economic catalyst”
Voters approved casinos in Ohio’s four largest cities in November 2009. Based on discussions with Columbus government, civic, business and neighborhood leaders, Penn National agreed to seek a state constitutional amendment to relocate the authorized Columbus casino to the former Delphi Automotive plant, pending voter approval on the May 4 statewide ballot.
“Closing on this property reflects our ongoing commitment to work closely with Central Ohio’s business and community leaders on this relocation effort, which could, pending voter approval, result in hundreds of millions of private investment dollars for the West Side of Columbus, an area in need of an economic catalyst,” said Eric Schippers, Senior Vice President, Public Affairs, of Penn National. “Our commitment is further reflected in the demolition work and environmental remediation efforts that have already been put in motion at this brownfield site. If the voters of Ohio approve the casino relocation in May, we will quickly move to the next steps in the development of this casino, which will create thousands of construction and new full-time permanent jobs and generate hundreds of millions of dollars in tax revenues for all of Ohio’s 88 counties and school districts throughout the state.”
Penn National previously completed the purchase of approximately 24 acres in Columbus’ Arena District – the site authorized in the November 2009 Constitutional amendment -- which will be put up for sale if the May ballot effort is successful.
Hollywood Casino Columbus, which is expected to open in the second half of 2012, will be a 180,000 square foot casino with up to 4,000 slot machines at opening, up to 100 table games and 25 poker tables, a 4,000 space parking garage, plus food and beverage outlets and entertainment lounge.
About Penn National Gaming
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, 2008, 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.
Penn National Gaming, Inc.
|Also See:||Once Vilified Penn National Now Being Praised for Move of Casino to West Side of Columbus / January 2010|