Penn National Gaming Announces Intent to Withdraw from the Proposed Lawrence Downs Casino & Racing Resort in Western Pennsylv...
March 30 2015 - 12:18PM
Business Wire
Penn National Gaming, Inc. (NASDAQ: PENN) today announced that
it has informed the partners of Endeka Entertainment LP (“Endeka”)
of its intent to withdraw from the proposed Lawrence Downs Casino
and Racing Resort project. An application by Endeka for the
proposed $225 million integrated racing and gaming facility in
Lawrence County, Pennsylvania has been pending before the
Pennsylvania Gaming Control Board (PGCB) since May 2013.
“We are disappointed to be withdrawing from this project,”
stated BJ Fair, Chief Development Officer for Penn National Gaming.
“However, given the continued softness in the economy and the level
of market saturation -- not just in Western Pennsylvania, but
across the Commonwealth -- we are regrettably unable to justify
this investment at the statutorily required spending levels,” said
Fair.
“We sincerely appreciate the strong support for this proposal by
the people of Lawrence County, and while we will not be going
forward with the project, we have offered to assist with the
transition to another potential operator,” said Fair.
In conjunction with its announcement, Penn National today filed
a complaint, including a request for declaratory judgment, in Berks
County Court of Common Pleas. “We are disappointed that our
continued open dialogue with the partners in Endeka about the
deteriorating market conditions in Lawrence County, and our
multiple offers to cooperate fully in transitioning the project to
a new operator, have been met only with threats of legal action,”
said Fair. “We’re asking the court to reaffirm our rights regarding
withdrawal.”
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. At December 31, 2014, the Company operated
twenty-six facilities in seventeen jurisdictions, including
Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Maryland,
Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio,
Pennsylvania, Texas, West Virginia, and Ontario. At December 31,
2014, in aggregate, Penn National Gaming’s operated facilities
featured approximately 31,000 gaming machines, 760 table games and
3,100 hotel rooms.
Forward-Looking Statements for Penn National Gaming
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of forward
looking terminology such as “expects,” “believes,” “estimates,”
“projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or
“anticipates” or the negative or other variations of these or
similar words, or by discussions of future events, strategies or
risks and uncertainties, including future plans, strategies,
performance, developments, acquisitions, capital expenditures, and
operating results. Actual results may vary materially from
expectations. These forward looking statements are inherently
subject to risks, uncertainties and assumptions about Penn National
Gaming and its subsidiaries, including risks related to litigation
relating to the project, and accordingly, any forward looking
statements are qualified in their entirety by reference to the
factors discussed in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2014, as well as any subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
each as filed with the United States Securities and Exchange
Commission. The Company does not intend to update publicly any
forward-looking statements except as required by law. In light of
these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur.
Penn National Gaming, Inc.Saul V. Reibstein, 610-373-2400Chief
Financial OfficerorJCIRJoseph N. Jaffoni, Richard
Land212-835-8500penn@jcir.com
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Mar 2024 to Apr 2024
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Apr 2023 to Apr 2024