Penn National Gaming, Inc. (PENN: Nasdaq) announced today that the company has transmitted non-refundable application fees of $250,000 to the City of Springfield and $400,000 to the Commonwealth of Massachusetts.
“As required by both the City of Springfield and Commonwealth of Massachusetts, we are pleased to have provided our application fees today,” said Tim Wilmott, President and COO of Penn National Gaming. “We are more confident than ever that our proposal to develop a casino in the north end of Springfield is superior to any others that have been proposed in Western Massachusetts.”
Penn National has submitted to the City of Springfield and the Springfield Redevelopment Authority a proposal to develop an approximately $807 million, comprehensive economic development project which includes a Hollywood-branded
destination casino resort
that will have materially positive ripple effects for the region. Penn National is working in partnership with Peter Picknelly, Chief Executive Officer of Springfield-based Peter Pan Bus Lines, to construct the proposed new facility on 13.4 acres of land it controls in the north end of Springfield.
Penn National’s proposal for Springfield is single-phase -- meaning all aspects of the gaming project would be developed and opened at the same time. Penn National has one of the strongest balance sheets in the industry and is the country’s most active developer of new entertainment and gaming destinations. Penn National is the only casino operator in the country to have developed and opened six new facilities across the country over the past five years including three new casinos in the past year.
Penn National will unveil additional proposal details at an event taking place at the Paramount Theater in Springfield on December 20.
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.