Oct. 21, 2009 (Business Wire) -- Penn National Gaming, Inc. (Nasdaq: PENN) announced today that Penn Cecil Maryland, Inc., a wholly-owned subsidiary of Penn National, has been selected by the Maryland Video Lottery Location Commission to develop and manage a video lottery terminal (VLT) facility in Cecil County. Based on its selection, Penn National plans to exercise its option and complete the purchase of approximately 36 acres of land located in Perryville, from Principio Iron Company L.P. and shortly thereafter commence construction of a $97.5 million Hollywood-themed facility, inclusive of licensing fees, with 75,000 square feet of gaming space, 1,500 VLTs, food and beverage offerings and extensive parking. The facility is expected to open to the public in late 2010.
Peter M. Carlino, Chief Executive Officer of Penn National, commented, “Our selection to develop a gaming facility in Cecil County reflects Penn National’s long-term track record of creating unique, successful regional entertainment destinations. We are grateful to the Maryland Video Lottery Location Commission as well as to the town of Perryville and Cecil County officials for their efforts and ongoing support.
“The new facility -- to be located along Interstate 95 and bordering Pennsylvania and Delaware along the Chesapeake Bay, with proximity to the Baltimore metropolitan region -- will feature 1,500 VLTs, a 150-seat buffet, a coffee shop and parking for over 1,600 vehicles. With our expertise in developing properties that address local demand and deliver attractive returns, we believe our Cecil County project will expand our operating base and create sustainable economic benefits to the region and the state.”
About Penn National Gaming
Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National Gaming’s operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.
In addition to historical facts or statements of current conditions, this press release contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations and beliefs but are not guarantees of future performance. As such actual results may vary materially from expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses; the activities of our competitors and the emergence of new competitors; construction factors, including delays and increased cost of labor and materials; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, 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.
