WYOMISSING & MAHONING TOWNSHIP, Pa.–(BUSINESS WIRE)–Penn National Gaming, Inc. (PENN: Nasdaq) (the “Company”) appear today that the Aggregation and Endeka Ball LP submitted a angle to the Pennsylvania Gaming Control Board (“PGCB”) for the development of a $225 actor chip antagonism and gaming adeptness (inclusive of $66.5 actor of licensing fees) in Mahoning Township, Pennsylvania, accountable to accepted authoritative approvals.
The proposed Lawrence Downs Casino and Antagonism Resort will affection a new accouter antagonism facility; about 1,250 aperture machines at aperture with accommodation for 1,500; about 40 alive table amateur and 10 poker tables; a array of aliment and cooler options; and apparent parking for 2,000 vehicles. Lawrence Downs Casino and Antagonism Resort would be amid in Mahoning Township a the circle of State Route 551 and State Route 422, about 60 afar arctic of Pittsburgh.
Pursuant to the agreement of the agreements, Penn National will accommodate the $50 actor authorization fee band and the Aggregation will armamentarium $15 actor through a loan. The Aggregation will additionally access a accreditation to acquirement a one third buying absorption in the business. Penn National will advance and administer the project. Afterward construction, the parties ahead that Gaming and Leisure Properties, Inc., the absolute acreage advance affirmation that, accountable to authoritative approval, will be about traded and authority essentially all of Penn National’s absolute acreage assets afterward the proposed break of the Company’s operating assets from its absolute acreage assets, will acquirement the adeptness and charter it aback to the owner.
“Endeka Ball is admiring to accomplice on this activity with Penn National Gaming, the nation’s arch antagonism and gaming company,” said Manuel Stamatakis, the antecedent Managing General Accomplice of Endeka. “We are decidedly admiring to accompany this bread-and-er development activity to Lawrence County as it will accomplish a cogent cardinal of new bounded jobs and added benefits.”
“With 11 wholly owned or collective adventure pari-mutuel antagonism facilities, Penn National owns the best antagonism accessories of any abettor in Arctic America. The Aggregation has a abiding charge to the advance of horseracing in Pennsylvania and the proposed Lawrence Downs Casino and Antagonism Resort is a bright adumbration of our acceptance in the industry’s future,” said Tim Wilmott, President and Chief Operating Officer of Penn National Gaming. “We attending advanced to alive with Manny Stamatakis and the principals at Endeka Ball to accompany the action of world-class accouter antagonism and capital gaming ball to Mahoning Township and its surrounding communities in Western Pennsylvania.”
“The success of Hollywood Casino at Penn National Race Course illustrates the able bread-and-er and application allowances that chip gaming and antagonism accessories can actualize for the bounded association and this proposed activity will account from the accumulated of Penn National’s all-encompassing almanac of acknowledged development of new backdrop and our able antithesis sheet.”
About Penn National Gaming
Penn National Gaming owns, operates or has buying interests in gaming and antagonism accessories with a focus on aperture apparatus entertainment. The Aggregation anon operates twenty-nine accessories 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 accessories currently affection about 34,800 gaming machines, about 850 table games, 2,900 auberge apartment and about 1.6 actor aboveboard anxiety of gaming attic space.
This columnist absolution contains advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. Absolute after-effects may alter materially from expectations. Although Penn National Gaming, Inc. and its subsidiaries (collectively, the “Company” or “PENN”) accept that our expectations are based on reasonable assumptions aural the bound of our adeptness of our business and operations, there can be no affirmation that absolute after-effects will not alter materially from our expectations. Meaningful factors that could account absolute after-effects to alter from expectations include, but are not bound to, risks accompanying to the following: the proposed break of PropCo from PENN, including our adeptness to appropriate accept all all-important consents and approvals; our adeptness to defended appropriate gaming, antagonism and bounded permits and approvals all-important for construction; architecture factors, including delays, abrupt remediation costs, bounded action and added amount of activity and materials; our adeptness to adeptness agreements with organized activity and army groups; our adeptness to accede to agreement with ally for affairs such as this and the costs and risks complex in the following of such opportunities; our expectations for the connected availability and amount of capital; and added factors as discussed in the Company’s Annual Report on Form 10-K for the year concluded December 31, 2012, consecutive Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Aggregation does not intend to amend about any advanced statements except as appropriate by law.
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