San Diego’s Newest Gaming Facility Features
Over 1,700 Slot Machines, 43 Live Table Games and Eight Dining and
Entertainment Venues, Including Tony Gwynn’s Sports Pub
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or
the “Company”) announced today that Hollywood Casino Jamul – San
Diego, which it developed on behalf of the Jamul Indian Village of
California (“JIV” or the “Tribe”), will open its doors to the
public on Monday, October 10, 2016. JIV and Penn National recently
received final approval from the National Indian Gaming Commission
(“NIGC”) for Penn National to manage the facility. In addition, JIV
intends to proceed with the approximately $460 million refinancing
of the project, which was recently the subject of a declination
letter from the NIGC.
Timothy J. Wilmott, President and Chief Executive Officer of
Penn National, commented, “We are grateful to the Jamul Indian
Village for giving us the opportunity to build this spectacular
regional entertainment destination and are honored to serve as the
manager of their facility and to help them realize their goal of
becoming economically self-sufficient. Hollywood Casino, which
created more than 1,200 construction jobs and approximately 1,000
permanent jobs, is the closest gaming facility to downtown San
Diego and we look forward to providing our guests an unparalleled
entertainment, gaming and dining experience.”
Conveniently located on State Route 94 approximately 20 miles
from downtown, Hollywood Casino Jamul – San Diego features an earth
tone color palette and downcast lighting, allowing it to blend
better with the surrounding area. The facility also features an
eight-story below ground parking garage that accommodates 1,800
vehicles and eight dining and entertainment venues, including:
- Tony Gwynn’s Sports Pub - San
Diego-legend Tony Gwynn’s first restaurant, featuring memorabilia
from his collegiate and professional baseball careers;
- Final Cut Steak & Seafood –
A contemporary American steakhouse serving USDA Wagyu and Prime
Beef, fresh local seafood, and an extensive wine list;
- Loft 94 – A unique
indoor/outdoor casual restaurant and beer garden with 48 rotating
craft beers on tap emphasizing San Diego’s finest breweries;
- Emerald Chinese Cuisine – San
Diego’s premiere dim sum and Cantonese style restaurant is bringing
their popular dishes to East County for the first time;
- Tres Taqueria – A local legend
featuring some of southern California’s best tacos and
burritos;
- Pizza Port – Die-hard fans of
this San Diego County institution can now grab a slice at Hollywood
Casino Jamul – San Diego.
“On behalf of our more than 1,000 team members – the vast
majority of whom were hired locally – we are truly excited this day
has finally arrived and we can’t wait to open our doors and begin
providing world class entertainment and customer service,” said
Richard St. Jean, General Manager of Hollywood Casino Jamul – San
Diego. “I want to thank the Jamul Indian Village for entrusting my
team with this responsibility. We are committed to working to
realize the full promise of this economic engine.”
Pursuant to the NIGC’s authorization, Penn National will serve
as the manager of Hollywood Casino Jamul -- San Diego for an
initial term of 7 years and will earn a fee of 30 percent of net
revenue (earnings before taxes as defined by the NIGC) for the
management of the facility, as well as a licensing fee of 2 percent
of gross revenue for the use of the Hollywood brand and marketing
services. The approximately $460 million refinancing, to be
obtained by an affiliate of JIV, is expected to close shortly after
the facility opens and is anticipated to cover development costs
(including those advanced by Penn National), retirement of tribal
debt, working capital and financing costs. Penn National will
continue to hold approximately $125 million of the refinancing
debt, which is expected to accrue interest at a rate of LIBOR plus
8.5 percent.
About Hollywood Casino Jamul-San Diego
Hollywood Casino Jamul-San Diego is located approximately 20
miles east of downtown San Diego off State Route 94. The facility
will feature over 1,700 slot machines and 43 live table games along
with multiple dining and entertainment options, including the first
ever Tony Gwynn’s Sports Pub.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities and video gaming terminal
operations with a focus on slot machine entertainment. At June 30,
2016, the Company operated twenty-six facilities in sixteen
jurisdictions, including Florida, Illinois, Indiana, Kansas, Maine,
Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New
Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. At
June 30, 2016, in aggregate, Penn National Gaming operated
approximately 33,400 gaming machines, 800 table games and 4,600
hotel rooms.
Forward-looking Statements
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. Although the Company believes that our expectations
are based on reasonable assumptions within the bounds of our
knowledge of our business, there can be no assurance that actual
results will not differ materially from our expectations.
Meaningful factors that could cause actual results to differ from
expectations include, but are not limited to, risks related to
completing the financing described herein, sovereign immunity,
local opposition (including several pending lawsuits), access and
regional competition and other factors as discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2015, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161005005706/en/
Penn National GamingEric Schippers, 610-378-8321Sr. Vice
President, Public AffairsorJCIRJoseph N. Jaffoni, Richard
Land212-835-8500penn@jcir.com
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