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
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.”