TUNICA, Miss.--(BUSINESS WIRE)--Apr. 16, 2019--
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 CasinoTunica, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190416006033/en/
Source: Penn National Gaming, Inc.
William J. Fair
Chief Financial Officer
610/373-2400
Joseph
N. Jaffoni, Richard Land
JCIR
212/835-8500 or penn@jcir.com