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

Penn National Gaming Submits $25 Million Payment For Massachusetts Gaming License

Penn National Gaming, Inc. (Nasdaq: PENN) (“the Company” or “Penn National”) announced today that it has submitted to the Commonwealth of Massachusetts an electronic payment of $25 million for the Plainridge Park Casino gaming license. The Company was awarded the Commonwealth’s sole Category 2 gaming license on February 28, 2014.

Penn National held a groundbreaking ceremony on March 14, 2014. The Company also hosted a construction vendor event earlier this week focused on Massachusetts-based minority-owned, women-owned, veteran-owned and locally owned businesses interested in contracting with the Company in the development of Plainridge Park Casino. In addition, Penn National has entered into cross-marketing agreements with nearly 50 area businesses to help the community participate more fully in the benefits of this economic development project.

“Our license payment today is another important milestone in the birth of this new industry for Massachusetts,” said Eric Schippers, Sr. Vice President of Public Affairs for Penn National Gaming. “With preparation for the construction of our $225 million Plainridge Park Casino getting underway, our project alone will create 1,500 new jobs and generate significant revenue for the Commonwealth, our local communities, and Massachusetts’ small businesses. Coupled with the eventual Category 1 licensees, the gaming industry will be a leading revenue generator, job creator, and economic engine for the Commonwealth for years to come.”

About Plainridge Park Casino

Plainridge Park Casino will include a fully integrated 106,000 square foot racing and gaming facility featuring live harness racing and simulcasting with 1,250 slot machines, an upscale casual dining restaurant, the first-ever Doug Flutie Sports Bar, four-venue food court, harness concourse bar, multi-purpose banquet room, entertainment lounge and casino bar, 1,620 structured and surface parking spaces, 26,000 square foot grandstand with box and reserved seats, and 13,000 square foot clubhouse with box seats.

About Penn National Gaming

Penn National Gaming, through its subsidiaries, owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates twenty-seven facilities in eighteen jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature approximately 31,000 gaming machines, 800 table games and 2,900 hotel rooms.

1 of 2

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs