KANSAS CITY, Kan., Apr 30, 2010 (BUSINESS WIRE) -- Kansas Entertainment, LLC, ("Kansas Entertainment") today commenced construction of Hollywood Casino at Kansas Speedway as Company representatives and local officials conducted a groundbreaking ceremony at Turn 2, the track-side site of the new facility.
Kansas Entertainment is a 50/50 joint venture of Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc. /quotes/comstock/15*!penn/quotes/nls/penn (PENN 29.80, -0.62, -2.04%) and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (ISCA: NASDAQ Global Select Market; ISCB: OTC Bulletin Board) ("ISC").
The following company representatives and local officials participated in today's groundbreaking ceremony:
-- Lesa France Kennedy, Chief Executive Officer of International Speedway Corporation;
-- Tim Wilmott, President and Chief Operating Officer of Penn National Gaming;
-- Troy Findley, Lieutenant Governor of Kansas;
-- William Falstad, Commissioner of the Kansas Racing and Gaming Commission;
-- Ed Van Petten, Kansas Lottery Executive Director;
-- Jeff Boerger, President of Kansas Speedway Development Corporation; and,
-- Joe Reardon, Mayor of the Unified Government of Wyandotte County.
"We are fortunate to have built such strong relationships with our partners, Penn National Gaming, the State of Kansas, and the Unified Government of Wyandotte County. We share in their mutual vision to create a world-class destination for visitors and the community, anchored by a premier motorsports and entertainment facility," stated Ms. France Kennedy. "Through ongoing collaboration, we will continue to help generate sustainable economic growth for the region."
Mr. Wilmott added, "With the excellent cooperation of our partners and local officials and businesses, Kansas Entertainment is excited to conduct its groundbreaking today, just two and a half months after receiving final approvals for the project. Hollywood Casino at Kansas Speedway will be a premiere gaming and entertainment facility that contributes to and complements the local hotels, retail, dining and entertainment establishments in the Village West region. Both Penn National Gaming and ISC are committed to the long-term success of this destination resort, maximizing tourism, driving new tax revenue and attracting national media attention for the state of Kansas and our host community, Wyandotte County."
The first phase of Hollywood Casino at Kansas Speedway includes a state-of-the-art casino and is expected to open the first half of 2012 with capacity for 2,300 slot machines, 61 table games and 25 poker tables on a 100,000 square-foot gaming floor. Hollywood Casino at Kansas Speedway will also feature 28,000 square-feet of other amenities including restaurants, clubs and nightlife attractions. The addition of the Hollywood Casino at Kansas Speedway is estimated to bring nearly 440,000 tourists per year and create over 1,000 full time positions; elevating the state to a first-class, year-round tourist destination.
About Penn National Gaming:
Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.
In the second half of 2010, the Company plans to add table games to its facilities in West Virginia and Pennsylvania and expects to open the first video lottery terminal facility in the state of Maryland in Cecil County. Through a joint venture, Penn National is developing a full casino at Kansas Speedway in Kansas City, which is anticipated to open in early 2012, and is also developing casinos in Toledo and Columbus, Ohio, with openings targeted for the second half of 2012. The Company recently announced its planned acquisition of Beulah Park in Ohio in a transaction expected to close in the second quarter of 2010.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Although Penn National Gaming, Inc. and its subsidiaries (collectively "Penn National") believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause Penn National's actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses; the passage of state, federal or local legislation that would expand, restrict, further tax, prevent or negatively impact operations (such as a smoking ban at any of our facilities) in the jurisdictions in which we do business or seek to do business; the activities of our competitors and the emergence of new competitors; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the costs and risks involved in the pursuit of those development opportunities; the availability and cost of financing; the effects of local and national economic, credit, capital market, housing, energy conditions on the economy in general and on the gaming and lodging industries in particular; and other factors as discussed in Penn National's Annual Report on Form 10-K for the year ended December 31, 2008, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. Penn National does not intend to update publicly any forward-looking statements except as required by law.
About ISC:
International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway in Florida (home of the DAYTONA 500(R)); Talladega Superspeedway(R) in Alabama; Michigan International Speedway(R) located outside Detroit; Richmond International Raceway(R) in Virginia; Auto Club Speedway of Southern California(SM) near Los Angeles; Kansas Speedway(R) in Kansas City, Kansas; Phoenix International Raceway(R) in Arizona; Chicagoland Speedway(R) and Route 66 Raceway(SM)near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway(R) in Virginia; Darlington Raceway(R) in South Carolina; and Watkins Glen International(R) in New York. In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its subsidiary, Stock-Car Montreal, Inc.
The Company also owns and operates MRN(R) Radio, the nation's largest independent sports radio network; the Daytona 500 Experience(R), the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, and official attraction of NASCAR(R); and Americrown Service Corporation(SM), a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in Motorsports Authentics(R), which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company's Web site at www.internationalspeedwaycorporation.com.
Statements made in this release that express International Speedway Corporation's or management's beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that International Speedway's actual results could differ materially from those contained in or implied by such forward-looking statements. International Speedway's results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in International Speedway's SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from International Speedway Corporation and the SEC. International Speedway Corporation undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material
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