Penn National Gaming Submits App Fee to City of Springfield, Massachusetts Gaming Commission
Penn National Gaming, Inc. (NASDSAQ: PENN) announced today that the company has transmitted non-refundable application fees of $250,000 to the City of Springfield and $400,000 to the Commonwealth of Massachusetts.
Penn National has submitted to the City of Springfield and the Springfield Redevelopment Authority a proposal to develop an approximately $807 million, comprehensive economic development project which includes a Hollywood-branded destination casino resort that will have materially positive ripple effects for the region. Penn National is working in partnership with Peter Picknelly, Chief Executive Officer of Springfield-based Peter Pan Bus Lines, to construct the proposed new facility on 13.4 acres of land it controls in the north end of Springfield.
Penn National's proposal for Springfield is single-phase -- meaning all aspects of the gaming project would be developed and opened at the same time. Penn National has one of the strongest balance sheets in the industry and is the country's most active developer of new entertainment and gaming destinations. Penn National is the only casino operator in the country to have developed and opened six new facilities across the country over the past five years including three new casinos in the past year.
Penn National will unveil additional proposal details at an event taking place at the Paramount Theater in Springfield on December 20.
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