Penn National Gaming, Inc. PENN announced today that it has
submitted a proposal to the Pennsylvania Gaming Control Board (PGCB) for a new
gaming and entertainment destination in Philadelphia. The Company believes
this proposal represents a best-in-class approach to regional gaming that will
boost local tourism and maximize revenues for Philadelphia and the
Commonwealth of Pennsylvania. Headquartered in Pennsylvania, Penn National
Gaming is the country's most active developer of new entertainment and gaming
destinations, having opened six new facilities over the past five years across
the country. Each facility was opened on time and on budget, each resulted in
significant new local employment and tax revenue and Penn National is capable
of immediately funding its Philadelphia proposal.
Penn National has held preliminary discussions with Congressman Robert Brady,
State Senator Anthony Hardy Williams and Philadelphia City Councilman Kenyatta
Johnson regarding the proposed Hollywood Casino at 700 Packer Avenue in South
Philadelphia. By law, Penn can own no more than one third of the equity in the
facility given its preexisting ownership of Hollywood Casino at Penn National
Race Course. This presents an exciting opportunity for the City of
Philadelphia or one of its designated entities who would benefit from Penn's
proven management expertise, while maximizing the economic opportunity for the
community. Alternatively, Penn is also evaluating the possibility of
relocating the proposed Hollywood Casino facility to the 300 block of Packer
Avenue in South Philadelphia on property currently owned by the Philadelphia
Industrial Development Corporation, totaling nearly 27 acres. The Company
anticipates a near term announcement on these plans.
Located in the heart of Philadelphia's sports and entertainment district –
which includes Citizens Bank Park, the Wells Fargo Center and Lincoln
Financial Field – Hollywood Casino Philadelphia would feature a 100,000
square-foot casino floor with 2,050 slot machines, 66 live table games and a
15-table poker room. Additionally, the new gaming and entertainment facility
will include structured parking for 3,500 vehicles as well as an integrated
bus arrival and waiting area. Non-gaming dining and entertainment amenities
would include a fine-dining steakhouse, sports pub, casual grill, noodle bar,
food court with four distinct outlets and casino bar as well as a 180-seat
entertainment lounge which would host live acts. The master plan for the
development contemplates a phase II expansion with a 500-guestroom hotel as
well as space for an additional 1,000 slot machines, 40 table games, 5 poker
tables, additional food and beverage options, and increased structured parking
capacity.
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