Its “Full Speed Ahead” For Penn
The two day meeting planned by the Kansas Lottery to discuss development plans on casino proposals in Wyandotte County ended quickly when board members unanimously approved a joint venture between Penn National Gaming (PENN: 24.05 -0.66%) and International Speedway Corporation.
Although the group’s proposal was the only one left standing after the recession caused others to withdrawal, the Facility Review Board felt that the Pennsylvania based gaming company had enough experience and the financial position to make the $386 million project a reality.
State law allows private companies selected by the review board to build and operate the facilities; however the state remains in control of operations. The vote was nearly the final step as developers do not consider the state background check required for licensing an obstacle to be concerned with. Local officials will still need to approve the final design before construction can begin.
“This was really the final hoop to jump through,” said Tim Wilmott, President of Penn National Gaming. “Now it’s full speed ahead.”
Developers pledged to bring a second NASCAR sprint Cup race and Grand-Am race to the track, as well as agreed to pay the county a penalty fee of nearly $2 million if they fail to begin construction on the second phased hotel within two years of the casinos opening.
The Hollywood Casino is planned near Turn 2 of the speedway and will include 2,300 slot machines, 86 table games and 28,000 square feet of dining and entertainment venues.
Construction will begin late next year with opening set for early 2012.
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