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Penn National Gaming Submits Separate Proposals For $160 Million Downtown Hollywood Casino Sioux City And $167 Million Hollywood Casino Siouxland In Woodbury County

The Greater Siouxland Improvement Association will serve as Penn National’s qualified sponsoring organization and is comprised of an impressive group of local leaders and concerned constituents with a focused goal. The board members of Greater Siouxland bring an extended and impressive record of community service, integrity and dedication, as well as a wealth of fresh ideas on the needs of the community.

Peter Carlino, Chairman and Chief Executive Officer of Penn National Gaming, commented, “In carefully considering the needs and requirements of the local community and the goals of the IRGC, we believe each proposal represents the strongest option for Woodbury County and the State of Iowa. We are prepared to work immediately with the IRGC and other local leaders to develop whichever of these facilities is deemed to be the most attractive and beneficial to the city and state of Iowa. Given the number of proposed gaming projects in recent years that have not been completed, we believe the importance of the financial strength of the operator and our ability to deliver on the commitments we’ve made are critical distinguishing factors. Penn National requires no financing to move forward with our proposals and can fund either of these projects with cash flow from existing operations.

“We believe our Sioux City proposals are the best way forward for the community given our long-term record of operation in the community and proven track record of developing first-class gaming and entertainment resorts in urban locations including most recently Toledo and Columbus in Ohio. Our proposed facilities, if approved, will ensure the continued employment of our team at Argosy Sioux City and create 800 new construction jobs as well as 400 jobs at the facility upon opening within approximately 18 months following approval from the IRGC. Both of our proposals also allow Penn National to introduce Sioux City to our Hollywood brand, which invokes the glamour of 1930s’ art deco Hollywood.

Stock quotes in this article: PENN 

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