Penn National Gaming Releases Project Details for Hollywood Casino
February 17, 2011
Officials from Penn National Gaming, Inc. revealed details of their proposed
casino to Louisiana's Gaming Control Board today in Baton Rouge. In addition to
a first class gaming vessel to be located along the Harvey Canal in Jefferson
Parish, the Company offered to fund a $75 million escrow account to demonstrate
their commitment to the project.
"Beyond our undeniable success as one of the country's foremost casino
developers and operators, we felt it was important for us to demonstrate to the
Board our financial strength to actually get the project done," noted Penn
National Gaming Chairman and CEO, Peter Carlino. "The past three years have been
tough on the gaming industry and obtaining financing remains an obstacle for
most new casino projects. Penn National wanted to demonstrate to the Board as
well as to the residents of Jefferson Parish that we can and we will build if
granted Louisiana's 15th license."
Penn National is one of three applicants competing for the 15th license. The
project's nearly $150 million investment will include up to 1,500 slots
machines, 44 table games (including a 10 table poker room), parking garage, an
upscale buffet and steakhouse as well as other food and beverage offerings and a
multipurpose room. Penn National's proposed second phase would be an additional
$155 million investment that includes a 250-room hotel, an additional parking
garage and a dedicated entertainment showroom and a pedestrian skywalk that
would connect these additional amenities to the riverboat over Peters Road.
"We appreciate the positive response we've received from organizations and
leaders of Jefferson Parish and are excited at the prospect of being their
newest business partner. We believe we have the strongest plan and the strongest
balance sheet to execute this project," continued Mr. Carlino.
Hollywood Casino, Harvey is expected to generate approximately $30 million in
annual gaming taxes for the State of Louisiana and another $8 million for
Jefferson Parish. Penn National Gaming has committed to paying the same 6% local
tax rate to Jefferson Parish and its towns and cities as the existing riverboat
does. Construction of the project´s first phase is expected to create over 1,000
construction jobs in Louisiana, most of which will be in the New Orleans metro
area. Once in operation, Hollywood Casino, Harvey expects to hire approximately
600 permanent positions in the first phase alone.
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