Category 4 satellite casino to be located in Caernarvon Township,
Berks County, adjacent to I-76/I-176 interchange
WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 31, 2018--
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 CasinoMorgantown, the Company’s second Category 4 satellite gaming facility,
to be located on a vacant 36-acre site in Caernarvon Township, Berks
County. The planned facility will be near the intersections of three
major roadways: the Pennsylvania Turnpike (I-76), I-176, and the
Morgantown Expressway (Rt. 10).
The development of Hollywood Casino Morgantown represents an overall
investment of nearly $111 million, including the slot machines and table
games license fees. The approximately 80,000 square foot facility will
feature 750 slot machines and 30 tables games, with the ability to
accommodate an additional 10 table games. Hollywood Casino Morgantown
will also offer a sports and race book, a signature restaurant, an
entertainment lounge, and a food court. The facility is expected to
generate approximately 250 new local jobs and more than 275 construction
jobs. The construction timeline is anticipated to be approximately 18
months following receipt of all requisite approvals, including final
licensing by the PGCB.
“While we explored numerous locations for our Category 4 casino in and
around Berks County, the site we selected is unparalleled in terms of
ease of access to three major arteries,” said Timothy J. Wilmott, Chief
Executive Officer for Penn National Gaming. “Hollywood Casino Morgantown
is ideally situated to generate new revenues from the more densely
populated suburbs to the west of Philadelphia, while further protecting
our existing market share at Hollywood Casino at Penn National Race
Course.”
Penn National was awarded the Commonwealth’s first and fifth Category 4
licenses on January 10th and April 4th, 2018,
respectively. Category 4 gaming facilities are authorized by law to
operate up to 750 slot machines and 40 table games, and tax revenue is
dispersed at the state, county, and local level. Caernarvon Township
will receive 2% of gross tax revenue on slot machines and 1% from table
games.
“Penn National Gaming has been proud to call not only Pennsylvania, but
Berks County, home for over 45 years,” said Wilmott. “We look forward to
adding hundreds of new team members right here in our backyard and
becoming an economic engine for Caernarvon Township and the greater
Berks County business community.”
A rendering and logo for Hollywood Casino Morgantown 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 October 15, 2018, the Company operated
forty facilities in eighteen jurisdictions, including Colorado, Florida,
Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts,
Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio,
Pennsylvania, Texas, and West Virginia. At October 15, 2018, in
aggregate, Penn National Gaming operated approximately 50,000 gaming
machines, 1,200 table games and 9,000 hotel rooms, and employed more
than 30,000 team members. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181031005503/en/
Source: Penn National Gaming, Inc.
Penn National Gaming, Inc.
Eric Schippers
Sr. Vice President,
Public Affairs
610/401-2042
or
JCIR
Joseph N.
Jaffoni, Richard Land
212/835-8500 or penn@jcir.com
