Penn National Issues Proposal for $480M Hollywood Casino in Philly
Penn National Gaming, Inc. (NASDAQ: 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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