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TheStreet Open House

Penn National Gaming Submits Proposal For $480 Million Hollywood Casino Philadelphia In The Heart Of The City’s Sports & Entertainment District

Peter Carlino, Chairman and Chief Executive Officer of Penn National Gaming, commented, “We believe our proposed Hollywood Casino Philadelphia represents the best way forward for both the City of Philadelphia and the Commonwealth of Pennsylvania, and represents a careful consideration of the needs of the local community and the goals of the PGCB. Penn National has an established, long-term record of operation in the Commonwealth and a proven ability to deliver projects on time and on budget that generate attractive revenue and employment for our host communities. We believe our experience in developing first-class gaming and entertainment resorts in urban locations, including most recently Toledo and Columbus in Ohio and Kansas City, Kansas, will enable Penn to quickly deliver on the expectations set out by the PGCB.

“Furthermore, given the rising number of recent proposed gaming projects that have not been completed for financial reasons, we believe Penn National’s financial strength and proven ability to complete projects on schedule make us the ideal operator to develop this new gaming and entertainment facility in Philadelphia. We require no additional financing to move forward with our proposal and can fully fund the development and construction of Hollywood Casino Philadelphia with cash flow from existing operations.

“Penn National’s balance sheet strength, financial liquidity, successful development and operating record and ability to generate both strong long-term employment and growing tax revenues for our host communities are unmatched within the gaming industry. We plan to move quickly to develop this facility using funds from our existing operations in order to ensure that Philadelphia and the Commonwealth of Pennsylvania benefit immediately. The entire Penn National team looks forward to working with the PGCB to further enhance the heart of Philadelphia’s sports and entertainment district with an exciting gaming and entertainment destination.”

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The company presently operates twenty-nine facilities in nineteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National's operated facilities currently feature approximately 36,800 gaming machines, approximately 850 table games, 2,900 hotel rooms and approximately 1.6 million square feet of gaming floor space.

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