Penn National Gaming, Inc. (Nasdaq: PENN) announced today that, pursuant
to the terms and timing contained in the Company’s option agreement with
the site owner, it has completed the purchase of a total of
approximately 24 acres (comprised of a main parcel of approximately 18
acres and three adjoining parcels of approximately 6 acres) located at
and in the vicinity of 560 Nationwide Boulevard in the Columbus Arena
District. The 18 acre former Jaeger Machine Works site has been
designated in the Ohio Constitution as an authorized casino location.
Notwithstanding the Company’s land purchase and planned development
efforts at the Arena District site, Penn National is continuing to
consider a limited number of alternative sites in Columbus that could
allow for the development of the proposed Hollywood Casino Columbus to
begin earlier.
"Penn National Gaming and its partner, Rock Ventures, do not want to
lose any time in fulfilling our commitments under Issue 3 to invest over
$1 billion in Ohio and begin generating over 34,000 new jobs,
specifically those jobs and the economic development that benefits
Columbus” said Eric Schippers, senior vice president of Penn National.
"The Company is also sensitive to the tight timetable required to
introduce new legislation to move the site, which would require a three
fifths vote of the Legislature and a statewide vote in May. Penn
National hopes to be in a position to make an announcement on the
outcome of its initiatives to explore an alternative site within the
next few days. However, given the uncertainty of an outcome in the
Legislature or ultimately at the ballot box in May, Penn National
intends to continue to plan for development on the Arena District site
in parallel with our evaluation of potential alternative sites. Penn
National will invest a minimum of $250 million to build Hollywood Casino
Columbus and is targeting an opening in the second half of 2012 with
gaming taxes earmarked for counties, cities and public schools across
the state as well as for Ohio’s horse racing industry.”
About Penn National Gaming
Penn National Gaming owns and operates gaming and racing facilities with
a focus on slot machine entertainment. The Company presently operates
nineteen facilities in fifteen jurisdictions, including Colorado,
Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi,
Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and
Ontario. In aggregate, Penn National’s operated facilities feature over
26,300 gaming machines, approximately 400 table games, over 2,000 hotel
rooms and over 959,000 square feet of gaming floor space.
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 "Penn National”) 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 Penn National’s actual
results to differ from expectations include, but are not limited to,
risks related to the following: our ability to maintain regulatory
approvals for our existing businesses and to receive regulatory
approvals for our new businesses; the passage of state, federal or local
legislation that would expand, restrict, further tax, prevent or
negatively impact operations (such as a smoking ban at any of our
facilities) in the jurisdictions in which we do business; the activities
of our competitors and the emergence of new competitors; construction
factors, including delays, local opposition and increased cost of labor
and materials; the costs and risks involved in the pursuit of those
development opportunities; the availability and cost of financing; the
effects of local and national economic, credit, capital market, housing,
energy conditions on the economy in general and on the gaming and
lodging industries in particular; and other factors as discussed in Penn
National’s Annual Report on Form 10-K for the year ended December 31,
2008, subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K as filed with the SEC. Penn National does not intend to update
publicly any forward-looking statements except as required by law.
