WYOMISSING, Pa.--(BUSINESS WIRE)--Sep. 19, 2014--
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National Gaming” or the
“Company”) announced today that its Board of Directors has, subject to
customary regulatory approvals, appointed the Company’s Chief Executive
Officer, Timothy J. Wilmott, to the Board effective immediately. Mr.
Wilmott’s appointment will expand the size of the Board to seven
members, five of whom satisfy the standards for director independence
under the current Listing Rules of the NASDAQ Stock Market.
Tim Wilmott joined Penn National Gaming in February 2008 as President
and Chief Operating Officer and was named Chief Executive Officer in
November 2013. Mr. Wilmott had served at Harrah’s Entertainment (now
Caesars Entertainment Corporation) since 1987 and was Chief Operating
Officer at Harrah’s for approximately four years. In this position, he
oversaw the operations of all of Harrah's revenue-generating businesses,
including 48 casinos, 38,000 hotel rooms and 300 restaurants.
Peter M. Carlino, Chairman of Penn National Gaming, commented, “Since
joining the Company in 2008, Tim has been steadfast in diversifying our
operations in a return focused manner while fostering our employees’
commitment to deliver quality guest services across the property
portfolio. In addition, in the eleven months since we separated the
Company’s real estate assets from our operating assets, Tim has built
formidable corporate and operating management teams that have
consistently delivered strong margins from existing operations,
successfully opened new facilities and developed exciting expansion
opportunities in new markets, including Ohio, Massachusetts and
California. The Board has great confidence in Tim and we look forward to
his contributions as we leverage the Company’s diversified regional
presence, proven management team, property development capabilities,
strong balance sheet, acknowledged operating discipline, the highly
regarded Hollywood Casino brand, and robust customer database to enhance
shareholder value.”
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. At
June 30, 2014, the Company operated twenty-seven facilities in eighteen
jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas,
Maine, Massachusetts, Maryland, Mississippi, Missouri, Nevada, New
Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and
Ontario. At June 30, 2014, in aggregate, Penn National Gaming’s operated
facilities featured approximately 30,900 gaming machines, 790 table
games and 2,900 hotel rooms.
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements can be identified by the use of forward looking terminology
such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,”
“should,” “plan” or “anticipates,” or the negative or other variation of
these or similar words, or by discussions of future events, strategies
or risks and uncertainties. Such forward looking statements are
inherently subject to risks, uncertainties and assumptions about Penn
National Gaming and its subsidiaries, including risks related to the
potential construction delays and, with respect to our projects in Ohio,
pending litigation involving the legality of video lottery terminals at
tracks, with respect to our project in Massachusetts, the ultimate
location of the other gaming facilities in the state and the outcome of
the referendum to repeal the gaming legislation in the state and, with
respect to our project outside of San Diego, California, the risks of
financing a project of this type, sovereign immunity, local opposition
and building a complex project on a relatively small parcel.
Accordingly, any forward looking statements are qualified in their
entirety by reference to the factors described in Penn National Gaming’s
Annual Report on Form 10-K for the year ended December 31, 2013,
subsequent Quarterly Reports on Form 10-Q and Current Reports on Form
8-K as filed with the Securities and Exchange Commission. All subsequent
written and oral forward looking statements attributable to Penn
National Gaming or persons acting on the Company’s behalf are expressly
qualified in their entirety by the cautionary statements included in
this press release. Penn National Gaming undertakes no obligation to
publicly update or revise any forward looking statements contained or
incorporated by reference herein, whether as a result of new
information, future events or otherwise, 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.
Source: Penn National Gaming, Inc.
Penn National Gaming, Inc.
Saul V. Reibstein, 610-373-2400
Chief
Financial Officer
or
JCIR
Joseph N. Jaffoni, Richard
Land, 212-835-8500
penn@jcir.com
