This Day On The Street
Continue to site
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

Rendering Of Penn National Gaming's Proposed $807 Million Springfield, Mass. Development

Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has submitted to the City of Springfield and the Springfield Redevelopment Authority a proposal to develop an approximately $807 million, single-phase, comprehensive economic development project, including a Hollywood-branded destination casino resort in Springfield, MA. Penn National is working in partnership with Peter Picknelly, Chief Executive Officer of Springfield-based Peter Pan Bus Lines, to construct its new facility on 13.4 acres of land in the north end of Springfield.
Rendering of Penn National Gaming's proposed $807 million Springfield, Mass. development

Rendering of Penn National Gaming's proposed $807 million Springfield, Mass. development

Penn National’s proposed development plan will include a seamless integration of Hollywood Casino Springfield into the downtown area, along with a planned mixed-use development along Springfield’s waterfront. The company’s proposal contemplates the relocation of the Springfield Republican to a newly renovated downtown location featuring a state-of-the-art “village square” in the heart of the city and construction of a new printing plant in Springfield that will act as a catalyst for further industrial park development for the city. Penn National would also work to attract a large retailer to the former Westinghouse property currently held by another applicant for Massachusetts’ western region gaming license. The partnership is planning to relocate the existing Peter Pan bus operations to Union Station where it is exploring ways to incorporate that facility into its long-range plans, through expansion of the existing parking structures and the location of office space for Penn National employees. In keeping with its Hollywood brand, Penn National also intends to assist in the refurbishment of the historic Paramount Theater and house additional administrative offices in the building.

Peter Carlino, Chairman and Chief Executive Officer of Penn National Gaming, commented, “Penn National’s proven track record of developing first-class destination gaming and entertainment resorts in urban locations including most recently Toledo and Columbus, as well as our strong balance sheet, make us the ideal partner to usher in a renaissance for Springfield’s downtown area. Our proposed $807 million destination casino resort will be the centerpiece of a revitalization of the City and bring thousands of new permanent jobs, significant union construction jobs, and millions of tax dollars to the region.”

1 of 4

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs