This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Board Approves Plan For Kansas City, Kan., Casino

JOHN HANNA

TOPEKA, Kan. (AP) ¿ A partnership hoping to build a Kansas City, Kan., casino cleared its biggest regulatory hurdle on Tuesday, despite the misgivings of the state board in charge of awarding the contract that the plan's first phase does not include building a hotel.

The Kansas Lottery Gaming Facility Review Board unanimously approved a $521 million project at Kansas Speedway, the Kansas City area's NASCAR track. International Speedway Corp., the track's parent, and Penn National Gaming Inc., of Wyomissing, Pa., are partners in the venture.

They hope to open the casino by early 2012 with 2,300 slot machines and about 90 tables for games such as poker and blackjack. The partners also expect the new gambling to generate $220 million in net revenues in 2013, though others' projections are more conservative.

The partners still face background checks by the Kansas Racing and Gaming Commission, which will regulate the casino, and it has until early March to sign off. But state officials don't expect the checks to take that long because Penn is licensed in other states.

Penn and speedway officials are promising to start building a hotel at the track within two years of the casino's opening or pay financial penalties. Review board members had questioned the delay but ultimately concluded it was reasonable, given the sour economy.

"This is about as good as we're going to get under the circumstances," said review board Chairman Matt All, an attorney from Lawrence.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ISCA $31.68 0.28%
LACO $8.48 0.35%
PENN $16.30 1.00%
AAPL $126.39 -1.70%
FB $81.17 0.34%

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs