Penn National Gaming to Close Resorts Casino Tunica
April 16 2019 - 7:05PM
Business Wire
Penn National Gaming, Inc. (PENN: NASDAQ) (“Penn National” or
the “Company”), today announced plans to close the Resorts Casino
in Tunica, Mississippi effective June 30, 2019, subject to
regulatory approvals.
Penn National acquired the operations of Resorts Casino Tunica,
along with Bally’s Casino Tunica (subsequently renamed “1st
Jackpot”), in March 2017. Penn National leases the underlying real
property associated with the two casinos from Gaming and Leisure
Properties, Inc. (GLPI: NASDAQ) (“GLPI”) pursuant to the terms of
the Company’s existing Master Lease with GLPI. In addition, Penn
National operates Hollywood Casino Tunica, located adjacent to
Resorts Casino.
“With our acquisition of Resorts Casino as part of the two
property deal, we knew we were acquiring an aging barge in need of
significant capital improvements,” said Al Britton, Penn National
Sr. Vice President of Regional Operations. “While we did everything
in our control to keep the property profitable over the last two
years, increased competition from recent gaming expansion in
Arkansas continues to drive the property’s business volumes lower.
After exploring all viable alternatives, we are left with the
difficult decision to close the business.
“I want to thank the property’s nearly 200 team members for all
their hard work, loyalty and commitment to this property during
what has been an extended period of very difficult operating
conditions. We’ll be seeking opportunities for these team members
at our two other properties in Tunica, other area resorts, or at
one of our other 39 properties across the country. I want to
emphasize that despite this decision, Penn National remains
committed to the Tunica market and continues to focus on the
ongoing successful operations at our two remaining Tunica
properties.”
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. Reflecting
the recent acquisitions of Pinnacle and Margaritaville, the Company
operates 41 facilities in 18 jurisdictions. In total, Penn National
Gaming’s facilities feature approximately 50,000 gaming machines,
1,200 table games and 8,400 hotel rooms. The Company also offers
social online gaming through its Penn Interactive Ventures division
and has leading customer loyalty programs with over five million
active customers.
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version on businesswire.com: https://www.businesswire.com/news/home/20190416006033/en/
William J. FairChief Financial Officer610/373-2400Joseph N.
Jaffoni, Richard LandJCIR212/835-8500 or penn@jcir.com
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