San Diego’s Newest Gaming Facility Features Over 1,700 Slot
Machines, 43 Live Table Games and Eight Dining and Entertainment Venues,
Including Tony Gwynn’s Sports Pub
JAMUL, Calif. & WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 5, 2016--
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the
“Company”) announced today that Hollywood Casino Jamul – San Diego,
which it developed on behalf of the Jamul Indian Village of California
(“JIV” or the “Tribe”), will open its doors to the public on Monday,
October 10, 2016. JIV and Penn National recently received final approval
from the National Indian Gaming Commission (“NIGC”) for Penn National to
manage the facility. In addition, JIV intends to proceed with the
approximately $460 million refinancing of the project, which was
recently the subject of a declination letter from the NIGC.
Timothy J. Wilmott, President and Chief Executive Officer of Penn
National, commented, “We are grateful to the Jamul Indian Village for
giving us the opportunity to build this spectacular regional
entertainment destination and are honored to serve as the manager of
their facility and to help them realize their goal of becoming
economically self-sufficient. Hollywood Casino, which created more than
1,200 construction jobs and approximately 1,000 permanent jobs, is the
closest gaming facility to downtown San Diego and we look forward to
providing our guests an unparalleled entertainment, gaming and dining
experience.”
Conveniently located on State Route 94 approximately 20 miles from
downtown, Hollywood Casino Jamul – San Diego features an earth tone
color palette and downcast lighting, allowing it to blend better with
the surrounding area. The facility also features an eight-story below
ground parking garage that accommodates 1,800 vehicles and eight dining
and entertainment venues, including:
-
Tony Gwynn’s Sports Pub - San Diego-legend Tony Gwynn’s first
restaurant, featuring memorabilia from his collegiate and professional
baseball careers;
-
Final Cut Steak & Seafood – A contemporary American
steakhouse serving USDA Wagyu and Prime Beef, fresh local seafood, and
an extensive wine list;
-
Loft 94 – A unique indoor/outdoor casual restaurant and beer
garden with 48 rotating craft beers on tap emphasizing San Diego’s
finest breweries;
-
Emerald Chinese Cuisine – San Diego’s premiere dim sum and
Cantonese style restaurant is bringing their popular dishes to East
County for the first time;
-
Tres Taqueria – A local legend featuring some of southern
California’s best tacos and burritos;
-
Pizza Port – Die-hard fans of this San Diego County institution
can now grab a slice at Hollywood Casino Jamul – San Diego.
“On behalf of our more than 1,000 team members – the vast majority of
whom were hired locally – we are truly excited this day has finally
arrived and we can’t wait to open our doors and begin providing world
class entertainment and customer service,” said Richard St. Jean,
General Manager of Hollywood Casino Jamul – San Diego. “I want to thank
the Jamul Indian Village for entrusting my team with this
responsibility. We are committed to working to realize the full promise
of this economic engine.”
Pursuant to the NIGC’s authorization, Penn National will serve as the
manager of Hollywood Casino Jamul -- San Diego for an initial term of 7
years and will earn a fee of 30 percent of net revenue (earnings before
taxes as defined by the NIGC) for the management of the facility, as
well as a licensing fee of 2 percent of gross revenue for the use of the
Hollywood brand and marketing services. The approximately $460 million
refinancing, to be obtained by an affiliate of JIV, is expected to close
shortly after the facility opens and is anticipated to cover development
costs (including those advanced by Penn National), retirement of tribal
debt, working capital and financing costs. Penn National will continue
to hold approximately $125 million of the refinancing debt, which is
expected to accrue interest at a rate of LIBOR plus 8.5 percent.
About Hollywood Casino Jamul-San Diego
Hollywood Casino Jamul-San Diego is located approximately 20 miles east
of downtown San Diego off State Route 94. The facility will feature over
1,700 slot machines and 43 live table games along with multiple dining
and entertainment options, including the first ever Tony Gwynn’s Sports
Pub.
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, 2016, the Company operated
twenty-six 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. At June 30, 2016, in aggregate, Penn National
Gaming operated approximately 33,400 gaming machines, 800 table games
and 4,600 hotel rooms.
Forward-looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. 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,
including future plans, strategies, performance, developments,
acquisitions, capital expenditures, and operating results. Actual
results may vary materially from expectations. Although the Company
believes that our expectations are based on reasonable assumptions
within the bounds of our knowledge of our 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 completing the financing described herein, sovereign immunity, local
opposition (including several pending lawsuits), access and regional
competition and other factors as discussed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2015, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161005005706/en/
Source: Penn National Gaming, Inc.
Penn National Gaming
Eric Schippers, 610-378-8321
Sr. Vice
President, Public Affairs
or
JCIR
Joseph N. Jaffoni,
Richard Land
212-835-8500
penn@jcir.com
