Penn National Partners With International Speedway to Build Kansas Casino
Penn National Gaming Inc (PENN: 25.62 +2.85%) has partnered with International Speedway Corp, parent company of Kansas Speedway, to build a casino in Kansas City, Kansas.
The proposed casino would overlook the Nascar racetrack at Kansas Speedway, centrally located in a tourist drawing district of shopping, dinning and entertainment sites.
The gaming project is estimated to cost the companies $521 million.
On Monday, The Kansas Lottery Gaming Facility Review Board had requested the venture to also include the construction of a hotel, which has been agreed to by Penn and ISC.
Plans have been presented to begin construction on a hotel in 2014, two years after the planned opening of the casino, to allow time for the economy to heal and additional financing to be obtained.
Penn has noted that under the proposed contract with the Kansas Lottery Board, financial penalties would result if they fail to deliver.
Under state law, the development would be built and operated by private developers (Penn and ISC), but owned by the Kansas Lottery.
The board will vote on the proposed development plan December.
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