The targeted opening date is fall/ winter of 2020. Once the floor was open for public comments, 45 registered speakers got the opportunity to offer their views, some passionately opposing the casino while others showed their support. 'Speaking for myself, I am pro-casino,' said Berks County Commissioner Kevin Barnhardt. Hollywood Casino Morgantown is expected to inject $94.3 million into the local economy, create 255 construction jobs, and 250 subsequent permanent casino positions. Caernarvon expects to receive. If authorized following the public hearing, it detailed that the envisioned $111 million Hollywood Casino Morgantown from Wyomissing-based Penn National Gaming would become the state's fifth such facility and moreover feature a sportsbook, restaurant, entertainments lounge and food court.
WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (NASDAQ: PENN) ('Penn National' or the 'Company') announced today that in response to Governor Tom Wolf's call for a statewide shutdown of all non-essential business activities to help prevent the spread of COVID-19, it will be suspending construction on its planned Hollywood Casino Morgantown and Hollywood Casino York Category 4 facilities in Pennsylvania, effective immediately.
'We fully support the Governor's effort to try to stem the tide of this unprecedented public health threat,' said Jay Snowden, President and CEO of Penn National Gaming. 'We also believe it's prudent to revisit any and all capital expenditure commitments in order to help preserve liquidity in light of the impact of COVID-19 on our business.'
The $111 million Hollywood Casino Morgantown was expected to open in November of this year and the $120 million Hollywood Casino York at the York Galleria Mall was anticipated to open by year end. By law, Category 4 'mini casinos' are authorized to operate up to 750 slot machines and 40 table games.
'We look forward to continuing to consult with the Governor's office, as well as local, state and federal health authorities to determine when construction might resume,' said Mr. Snowden. 'In the meantime, we appreciate the patience, understanding and support of our community leaders in Morgantown and York, as well as our local construction teams.'
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment. We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn National's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia. The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Preakness stakes odds 2017. Forward-looking Statements
All statements included in this press release, other than historical information or statements of historical fact, are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of the construction delay for Penn National's satellite casinos in Pennsylvania and the impact of these or other related events on Penn National are subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business. Accordingly, Penn National cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its Current Reports on Form 8-K. 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.
Renowned U.S. casino operator Penn National Inc. has revealed plans to build a $111 million satellite casino in Morgantown. The company has already filed an application with the Pennsylvania Gaming Control Board for the 80,000 square foot casino that will be located on a 36-acre piece of land close to the intersection of the Pennsylvania Turnpike and Interstate 176 that connects with Route 422 near Reading.
The company's proposed satellite casino that will be called Hollywood Casino Morgantown is expected to feature 750 slot machines, 30 table games as well as a sportsbook. This move follows the casino operator's recent application and subsequent approval of its sports betting license in the Keystone State. In fact, Penn National has been labeled as an 'odds-on favorite' as far as the casino that debut sports betting in the state and Hollywood Casino Morgantown will be one of the best places to set up a sports betting operation.
'Hollywood Casino Morgantown is ideally situated to generate new revenues from the more densely populated suburbs to the west of Philadelphia, while further protecting our existing market share at Hollywood Casino at Penn National Race Course,' said Timothy J. Wilmott, the chief executive of Penn National Gaming Inc.
Penn National continues to be a leading gaming provider in the state and thus both the satellite casino and sports betting offerings are bound to take the industry by storm.
Partnerships with NetEnt and IGT
As part of its preparation for its much-anticipated sports betting and satellite casino offerings, Penn National as recently inked a partnership deal with NetEnt, a deal that will see the casino operator benefit from using NetEnt's games in its new online gaming platforms. The launch of Pennsylvania's online casino industry is just around the corner and by having NetEnt as its partner, Penn National is definitely going to have a huge competitive edge over other casinos that have been approved for online gambling in the Commonwealth.
'We are excited to continue our strategic expansion in the US. We have enjoyed success in New Jersey and believe that this will continue in Pennsylvania. We will launch with a mix of our table games, video slots, jackpot games and unique features like free spins that have been greatly appreciated by our customers and their players. Our ambition is to be live in Pennsylvania as soon as the market opens,' Erik Nyman, Managing Director NetEnt Americas LLC commented.
On a similar note, Penn National Gaming's Penn Online Entertainment, LLC has also recently signed a five-year partnership deal with International Game Technology (IGT). This is another of the casino operator's attempts to take full advantage of the forthcoming online gambling market in Pennsylvania. Eventually, when the industry finally goes live, we will have lots of products from Penn National Gaming to enjoy.
Hollywood Casino Morgantown Opening Date
'We fully support the Governor's effort to try to stem the tide of this unprecedented public health threat,' said Jay Snowden, President and CEO of Penn National Gaming. 'We also believe it's prudent to revisit any and all capital expenditure commitments in order to help preserve liquidity in light of the impact of COVID-19 on our business.'
The $111 million Hollywood Casino Morgantown was expected to open in November of this year and the $120 million Hollywood Casino York at the York Galleria Mall was anticipated to open by year end. By law, Category 4 'mini casinos' are authorized to operate up to 750 slot machines and 40 table games.
'We look forward to continuing to consult with the Governor's office, as well as local, state and federal health authorities to determine when construction might resume,' said Mr. Snowden. 'In the meantime, we appreciate the patience, understanding and support of our community leaders in Morgantown and York, as well as our local construction teams.'
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment. We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn National's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia. The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Preakness stakes odds 2017. Forward-looking Statements
All statements included in this press release, other than historical information or statements of historical fact, are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of the construction delay for Penn National's satellite casinos in Pennsylvania and the impact of these or other related events on Penn National are subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business. Accordingly, Penn National cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its Current Reports on Form 8-K. 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.
Renowned U.S. casino operator Penn National Inc. has revealed plans to build a $111 million satellite casino in Morgantown. The company has already filed an application with the Pennsylvania Gaming Control Board for the 80,000 square foot casino that will be located on a 36-acre piece of land close to the intersection of the Pennsylvania Turnpike and Interstate 176 that connects with Route 422 near Reading.
The company's proposed satellite casino that will be called Hollywood Casino Morgantown is expected to feature 750 slot machines, 30 table games as well as a sportsbook. This move follows the casino operator's recent application and subsequent approval of its sports betting license in the Keystone State. In fact, Penn National has been labeled as an 'odds-on favorite' as far as the casino that debut sports betting in the state and Hollywood Casino Morgantown will be one of the best places to set up a sports betting operation.
'Hollywood Casino Morgantown is ideally situated to generate new revenues from the more densely populated suburbs to the west of Philadelphia, while further protecting our existing market share at Hollywood Casino at Penn National Race Course,' said Timothy J. Wilmott, the chief executive of Penn National Gaming Inc.
Penn National continues to be a leading gaming provider in the state and thus both the satellite casino and sports betting offerings are bound to take the industry by storm.
Partnerships with NetEnt and IGT
As part of its preparation for its much-anticipated sports betting and satellite casino offerings, Penn National as recently inked a partnership deal with NetEnt, a deal that will see the casino operator benefit from using NetEnt's games in its new online gaming platforms. The launch of Pennsylvania's online casino industry is just around the corner and by having NetEnt as its partner, Penn National is definitely going to have a huge competitive edge over other casinos that have been approved for online gambling in the Commonwealth.
'We are excited to continue our strategic expansion in the US. We have enjoyed success in New Jersey and believe that this will continue in Pennsylvania. We will launch with a mix of our table games, video slots, jackpot games and unique features like free spins that have been greatly appreciated by our customers and their players. Our ambition is to be live in Pennsylvania as soon as the market opens,' Erik Nyman, Managing Director NetEnt Americas LLC commented.
On a similar note, Penn National Gaming's Penn Online Entertainment, LLC has also recently signed a five-year partnership deal with International Game Technology (IGT). This is another of the casino operator's attempts to take full advantage of the forthcoming online gambling market in Pennsylvania. Eventually, when the industry finally goes live, we will have lots of products from Penn National Gaming to enjoy.
Hollywood Casino Morgantown Opening Date
Hollywood Casino Morgantown Pa Opening Date
- Tags:
