Penn National Gaming in Discussions with Tewksbury, Massachusetts Town Officials to Develop Slot Par
Penn National Gaming in Discussions with Tewksbury, Massachusetts Town Officials to Develop Slot Parlor Budgeted at More Than $200 Million
WYOMISSING, Pa.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (NAS: PENN) and the Town of Tewksbury announced today they are in discussions regarding a slots-only facility project, budgeted at more than $200 million, that would be located at 300 Ames Pond Drive, near the intersection of Interstate 495 and State Route 133. Penn National's proposal for the 30-acre site will include its marquee Hollywood casino brand, multiple dining options, and other amenities.
"We are encouraged by the preliminary discussions we've had with town leadership and hope to quickly come to an agreement on a project that would bring significant economic benefits to Tewksbury and the entire Merrimack Valley region in the form of new jobs and revenue," said Eric Schippers, Senior Vice President for Public Affairs at Penn National Gaming.
"Penn National Gaming is one of the nation's largest regional casino operators and has an established record of building strong community partnerships and delivering on their commitments," said Richard Montuori, Tewksbury Town Manager. "We are excited about their interest in Tewksbury."
"The economic benefits to Tewksbury from a project of this size and scale would be substantial," said Scott Wilson, Chairman of the Tewksbury Board of Selectmen. "This is an important economic development opportunity that we need to fully explore."
Penn National representatives will be presenting to Town Selectmen on Tuesday, July 16 at 7:00 p.m. Applications for the state's sole slot license must be submitted to the Massachusetts Gaming Commission by October 4th, 2013, following passage of a referendum in the applicant's host community.
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-eight facilities in eighteen jurisdictions, including 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 34,500 gaming machines, approximately 850 table games, 2,900 hotel rooms and approximately 1.6 million square feet of gaming floor space.
Forward Looking Statements
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 favorable resolution of any related litigation that often occurs in new gaming jurisdictions; our ability to secure state and local permits and approvals necessary for operation and construction; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; our ability to reach a host agreement with Tewksbury or agreements with surrounding communities; the ultimate location of the various gaming facilities in Massachusetts and other factors as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, 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.
Keyser Public Strategies
Will Keyser, 617-529-5849
KEYWORDS: United States North America Massachusetts Pennsylvania
The article Penn National Gaming in Discussions with Tewksbury, Massachusetts Town Officials to Develop Slot Parlor Budgeted at More Than $200 Million originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.