Penn National Gaming Submits Application Fee to City of Springfield and Massachusetts Gaming Commission
SPRINGFIELD, Mass.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (PENN: Nasdaq) 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.
"As required by both the City of Springfield and Commonwealth of Massachusetts, we are pleased to have provided our application fees today," said Tim Wilmott, President and COO of Penn National Gaming. "We are more confident than ever that our proposal to develop a casino in the north end of Springfield is superior to any others that have been proposed in Western 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.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The company presently operates twenty-nine facilities 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 facilities currently feature approximately 36,800 gaming machines, approximately 850 table games, 2,900 hotel rooms and approximately 1.6 million 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, the "Company" or "PENN") 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 actual results to differ from expectations include, but are not limited to, risks related to the following: the proposed separation of PropCo from PENN, including our ability to receive, or delays in obtaining, all necessary consents and approvals, the anticipated timing of the proposed separation, the expected tax treatment of the proposed transaction, the ability of each of the Company (post-spin) and PropCo to conduct and expand their respective businesses following the proposed spin-off, and the diversion of management's attention from regular business concerns; our ability to receive, or delays in obtaining, the regulatory approvals required to own, develop and/or operate our facilities; local opposition and increased cost of labor and materials; our ability to successfully negotiate required agreements with the host community as well as surrounding communities; the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which we do or seek to do business (such as a smoking ban at any of our facilities); the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; the activities of our competitors and the emergence of new competitors (traditional and internet based); increases in the effective rate of taxation at any of our properties or at the corporate level; our ability to identify attractive acquisition and development opportunities and to agree to terms with partners for such transactions; the costs and risks involved in the pursuit of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns from, such opportunities; our expectations for the continued availability and cost of capital; the outcome of pending legal proceedings; changes in accounting standards; our dependence on key personnel; the impact of terrorism and other international hostilities; the impact of weather; and other factors as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.
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