- Single-Phase Planned Development to Feature 300,000+ Square-Foot
Casino, Up to 500 Guestroom Hotel, Structured Parking for Over 4,000
Vehicles, and a Variety of Gaming and Non-Gaming Amenities -
- Master Plan Calls for Mixed-use Retail and Housing and Contemplates
Relocation of the Republican Newspaper, Resulting in New Printing
Facility in Springfield and Interactive, State of the Art Village Square
Downtown -
- Development Plans and Hollywood Casino Springfield Will Create
Thousands of Jobs and Generate Millions in Tax Revenue for the City and
State -
WYOMISSING, Pa. & SPRINGFIELD, Mass.--(BUSINESS WIRE)--Oct. 11, 2012--
Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has
submitted to the City of Springfield and the Springfield Redevelopment
Authority a proposal to develop an approximately $807 million,
single-phase, comprehensive economic development project, including a
Hollywood-branded destination
casino resort in Springfield, MA. Penn National is working in
partnership with Peter Picknelly, Chief Executive Officer of
Springfield-based Peter Pan Bus Lines, to construct its new facility on
13.4 acres of land in the north end of Springfield.
Rendering of Penn National Gaming's proposed $807 million Springfield, Mass. development
Penn National’s proposed development plan will include a seamless
integration of Hollywood Casino Springfield into the downtown area,
along with a planned mixed-use development along Springfield’s
waterfront. The company’s proposal contemplates the relocation of the
Springfield Republican to a newly renovated downtown location
featuring a state-of-the-art “village square” in the heart of the city
and construction of a new printing plant in Springfield that will act as
a catalyst for further industrial park development for the city. Penn
National would also work to attract a large retailer to the former
Westinghouse property currently held by another applicant for
Massachusetts’ western region gaming license. The partnership is
planning to relocate the existing Peter Pan bus operations to Union
Station where it is exploring ways to incorporate that facility into its
long-range plans, through expansion of the existing parking structures
and the location of office space for Penn National employees. In keeping
with its Hollywood brand, Penn National also intends to assist in the
refurbishment of the historic Paramount Theater and house additional
administrative offices in the building.
Peter Carlino, Chairman and Chief Executive Officer of Penn National
Gaming, commented, “Penn National’s proven track record of developing
first-class destination gaming and entertainment resorts in urban
locations including most recently Toledo and Columbus, as well as our
strong balance sheet, make us the ideal partner to usher in a
renaissance for Springfield’s downtown area. Our proposed $807 million
destination casino resort will be the centerpiece of a revitalization of
the City and bring thousands of new permanent jobs, significant union
construction jobs, and millions of tax dollars to the region.”
“Penn National Gaming shares our vision, our values, and has a terrific
record of partnering with local communities in the development and
operation of urban casinos,” said Peter Picknelly. “We’re looking
forward to a constructive dialogue about our proposal with Mayor Sarno,
the Springfield community, and state gaming commission.”
Located off Interstate 91 in downtown Springfield, Penn National’s
proposed development will feature 3,000-3,500 slot machines; 80-100 live
table games; a 20-30 table poker room; a hotel with 300-500 guestrooms
and a spa; a variety of food and beverage options including fine dining,
casual dining, a buffet, sports bar and food court; a nightclub/ultra
lounge; structured parking with 4,000-5,000 spaces; and 30,000-45,000
square-feet of meeting and convention space. The Company plans to
incorporate elements of Springfield’s existing architecture into the
design of the facility to ensure that Hollywood Casino Springfield fits
seamlessly into the downtown area.
Mr. Carlino added, “Hollywood Casino Springfield will offer City
residents unparalleled dining and entertainment options, including
potential partnerships with world class restaurateurs and an upscale
nightclub venue for round-the-clock entertainment. We will also offer
the community a new downtown hotel and meeting space to attract new
events and commercial interest and activity to the area. Penn National
is planning to create a destination resort that will strengthen the
local community and provide an exciting environment that will drive
visitation and keep guests coming back to Springfield. In addition, as
part of our plans to revitalize the downtown Springfield area, we are
committed to the development and redevelopment of existing properties in
and around our proposed destination casino resort that will provide the
foundation for long-term growth for the City and the region.”
Carlino concluded, “Penn National is committed to partnering with the
City of Springfield and we believe that our project, budgeted at over
$800 million, will be a catalyst for the revitalization of the downtown
area, create thousands of construction and permanent jobs in the region,
drive increased tourism to the area and bring millions in new revenues
to the City of Springfield as well as the Commonwealth of Massachusetts.
Our balance sheet and financial liquidity are unmatched relative to the
other applicants seeking the western Massachusetts license and our
record of development and generating employment and tax dollars is also
unparalleled. We look forward to working with the City of Springfield,
the Massachusetts Gaming Commission and the Peter Pan and Republican
teams on what we believe is a key step towards a bright future for
Springfield.”
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming
and racing facilities with a focus on slot machine entertainment. The
company presently operates twenty-eight facilities in nineteen
jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa,
Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New
Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and
Ontario. In aggregate, Penn National's operated facilities currently
feature approximately 34,700 gaming machines, approximately 800 table
games, 2,400 hotel rooms and approximately 1.5 million square feet of
gaming floor space. Penn National has agreed to acquire Harrah’s St.
Louis gaming and lodging facility from Caesars Entertainment with the
transaction expected to close in the fourth quarter of 2012.
Forward-looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual
results may vary materially from expectations. Although Penn National
Gaming, Inc. and its subsidiaries (collectively, the “Company”) believe
that our expectations are based on reasonable assumptions within the
bounds of our knowledge of our business and operations, 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 the following: changes in the legal and regulatory framework in
Massachusetts, our ability to prevail in local referenda and obtain the
support of host and local communities in Massachusetts, our ability to
arrange for all the necessary property and partners for the Springfield
project, the potential for local opposition, the uncertainties related
to construction costs and schedules in a project of this magnitude, our
ability to receive and maintain, or delays in obtaining, the regulatory
approvals required to own, develop and/or operate our facilities, or
other delays or impediments to completing our planned acquisitions or
projects, including favorable resolution of any related litigation; our
ability to receive timely regulatory approval for and to otherwise
complete our planned acquisition of Harrah’s St. Louis (failure to do so
could, among other things, result in the loss of certain deposits); our
ability to successfully integrate Harrah’s St. Louis into our existing
business; our expectations for the continued availability and cost of
capital; our dependence on key personnel; the impact of terrorism and
other international hostilities; and other factors as discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31,
2011, subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K as filed with the SEC. The Company does not intend to update
publicly any forward-looking statements except as required by law.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50438316&lang=en
Source: Penn National Gaming, Inc.
Penn National Gaming, Inc.
Eric Schippers
Sr. Vice President,
Public Affairs & Govt. Relations
610/378-8321
or
JCIR
Joseph
N. Jaffoni, Richard Land
212/835-8500 or penn@jcir.com
