Category 4 satellite casino to be located at York Galleria Mall in
Springettsbury
WYOMISSING, Pa.--(BUSINESS WIRE)--Sep. 12, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180912005645/en/
Source: Penn National Gaming, Inc.
Penn National Gaming, Inc.
Eric Schippers, 610-401-2042
Sr.
Vice President, Public Affairs
or
JCIR
Joseph N. Jaffoni,
Richard Land
212-835-8500 or penn@jcir.com
