Penn National Gaming Files Application for Hollywood Casino York
September 12 2018 - 9:30AM
Business Wire
Category 4 satellite casino to be located at
York Galleria Mall in Springettsbury
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or
the “Company”) announced today that it has filed an application
with the Pennsylvania Gaming Control Board (“PGCB”) for Hollywood
Casino York, the Company’s first Category 4 satellite gaming
facility, to be located at the York Galleria Mall in Springettsbury
Township, Pennsylvania.
The development of Hollywood Casino York represents an overall
investment of nearly $120 million, including the Company’s $52.6
million Category 4 slots and table games license fees. Hollywood
Casino York, which will initially open with approximately 500 slot
machines and 20 tables games, has been designed to accommodate up
to 750 slot machines and 40 table games. In addition, the facility
will feature a casual dining restaurant and sports bar, a small
entertainment lounge, and a “grab-and-go” eatery. Hollywood Casino
York will generate approximately 200 new permanent local jobs and
more than 75 construction jobs. The construction timeline is
anticipated to be approximately 12-18 months following receipt of
all requisite approvals, including final licensing by the PGCB.
“We believe the York Galleria Mall, which is a well-known retail
destination in York County, is an ideal site for our planned
Hollywood Casino York,” said Timothy J. Wilmott, Chief Executive
Officer for Penn National Gaming. “We explored numerous other
potential opportunities within York County, but the mall’s
convenient location, existing infrastructure and ample parking, as
well as the support of Springettsbury Township officials and the
local business community, helped cement our decision.”
Penn National was awarded the Commonwealth’s first Category 4
license on January 10, 2018. Category 4 gaming facilities are
authorized by law to host up to 750 slot machines and 40 table
games, and tax revenue is dispersed at the state, county, and local
level. Springettsbury will receive 2% of gross tax revenue on slot
machines and 1% from table games.
“Penn National Gaming has been proud to call Pennsylvania home
for over 45 years,” said Wilmott. “We look forward to adding
hundreds of new team members in York County and becoming another
economic engine for Springettsbury and the greater York business
community.”
A rendering and logo for Hollywood Casino York can be found by
clicking here.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities and video gaming terminal
operations with a focus on slot machine entertainment. At June 30,
2018, the Company operated twenty-eight facilities in sixteen
jurisdictions, including Florida, Illinois, Indiana, Kansas, Maine,
Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New
Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario,
Canada. At June 30, 2018, in aggregate, Penn National Gaming
operated approximately 34,100 gaming machines, 770 table games and
4,800 hotel rooms. The Company also offers social online gaming
through its Penn Interactive Ventures division.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the expected impact of sports
betting on the Company’s operations. These statements can be
identified by the use of forward looking terminology such as
“expects,” “believes,” “estimates,” “projects,” “intends,” “plans,”
“seeks,” “may,” “will,” “should” or “anticipates” or the negative
or other variations of these or similar words, or by discussions of
future events, strategies or risks and uncertainties. Although the
Company believes that its expectations are based on reasonable
assumptions within the bounds of its knowledge of its business,
there can be no assurance that actual results will not differ
materially from our expectations. Meaningful factors that could
cause actual results to differ from expectations include, but are
not limited to, risks related to opening a new facility, including
the receipt of all requisite approvals, construction delays,
unexpected costs, local opposition, the locations of other Category
4 facilities, market reception, the impact of this casino on our
other facilities and other factors as discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2017,
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each as filed with the United States Securities and
Exchange Commission. The Company does not intend to update publicly
any forward-looking statements except as required by law. In light
of these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20180912005645/en/
Penn National Gaming, Inc.Eric Schippers, 610-401-2042Sr. Vice
President, Public AffairsorJCIRJoseph N. Jaffoni, Richard
Land212-835-8500 or penn@jcir.com
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