Development of the Nearly $111 Million Facility Expected to Begin as
Soon as Possible
WYOMISSING, Pa.–(BUSINESS WIRE)–Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the
“Company”) announced today that it has received licensing approval from
the Pennsylvania Gaming Control Board (“PGCB”) and will soon begin
construction of its Category 4 Hollywood Casino Morgantown on a vacant
36-acre site in Caernarvon Township, Berks County. The planned facility
will be adjacent to the intersections of three major roadways: the
Pennsylvania Turnpike (I-76), I-176, and the Morgantown Expressway (Rt.
10).
“We are very pleased with today’s unanimous approval and appreciate the
diligence of the PGCB and their staff,” said Timothy J. Wilmott, Chief
Executive Officer for Penn National Gaming. “We look forward to
beginning the development of Hollywood Casino Morgantown promptly
following receipt of all requisite approvals. The property will
be ideally located to draw customers from the heavily populated suburbs
to the west of Philadelphia, while also protecting our existing market
share at Hollywood Casino at Penn National Race Course.”
The development of Hollywood Casino Morgantown represents an overall
investment of nearly $111 million, inclusive of license fees for the
property’s slot machines and table games. The approximately 80,000
square foot facility will feature 750 slot machines and 30
table games, with the ability to accommodate an additional ten
table games. Hollywood Casino Morgantown will also offer a sports and
race book, a signature restaurant, an entertainment lounge, and a
food hall. The facility is expected to generate approximately
250 new local jobs and more than 275 construction jobs. The construction
timeline is anticipated to be approximately 18 months.
Penn National was awarded the Commonwealth’s first and fifth Category 4
licenses on January 10th and April 4th, 2018, respectively. Category 4
gaming facilities are authorized by law to operate up to 750 slot
machines and 40 table games, and tax revenue is dispersed at the state,
county, and local level. Caernarvon Township will receive 2% of gross
tax revenue on slot machines and 1% from table games.
“Hollywood Casino Morgantown will become an economic engine in
Caernarvon Township and in Berks County, which has been our home for
over 45 years,” said Wilmott. “We have already met with local workforce
development organizations to begin the process of identifying our future
Team Members, and look forward to creating roughly 250 new permanent
jobs and 275 constructions jobs right here in our backyard.”
A rendering and logo for Hollywood Casino Morgantown can be found by Clicking
Here.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming
and racing facilities and video gaming terminal operations with a focus
on slot machine entertainment. The Company operates 42 facilities in 19
jurisdictions. In total, Penn National Gaming’s facilities feature over
51,000 gaming machines, over 1,300 table games and 9,000 hotel rooms.
The Company also offers social online gaming through its Penn
Interactive Ventures division and has leading customer loyalty programs
with over five million active customers.
Forward-looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the expected impact of sports betting on
the Company’s operations. These statements can be identified by the use
of forward looking terminology such as “expects,” “believes,”
“estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,”
“should” or “anticipates” or the negative or other variations of these
or similar words, or by discussions of future events, strategies or
risks and uncertainties. Although the Company believes that its
expectations are based on reasonable assumptions within the bounds of
its knowledge of its business, 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 opening a new
facility, including the receipt of all requisite approvals, construction
delays, unexpected costs, local opposition, the locations of other
Category 4 facilities, market reception, the impact of this casino on
our other facilities and other factors as discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2018,
subsequent Quarterly Reports on Form 10-Q and Current Reports on Form
8-K, each as filed with the United States Securities and Exchange
Commission. The Company does not intend to update publicly any
forward-looking statements except as required by law. In light of these
risks, uncertainties and assumptions, the forward-looking events
discussed in this press release may not occur.
Contacts
Eric Schippers
Sr. Vice President, Public Affairs
610/401-2042
Joseph N. Jaffoni, Richard Land
JCIR
212/835-8500 or [email protected]
