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TheStreet Open House

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

Stocks in this article: PENN

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.

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