Casino site closed on…
This release came in earlier today, it’s been covered by some of our local media, but those of you interested in the full release? It’s below…
PENN NATIONAL GAMING CLOSES ON TOLEDO CASINO SITE
- Anticipates 2012 Opening for $250 Million Project -
Wyomissing, Penn. and Toledo, Ohio (December 30, 2009) ‑‑ Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it completed the purchase of the 44-acre site at 1968 Miami Street that was expressly authorized for casino gaming in the successful November 3 Issue 3 constitutional ballot initiative. Penn National’s proposed $250 million Hollywood Casino Toledo is expected to open at this location in the second half of 2012.
“Closing on the property moves us a major step closer to making Hollywood Casino Toledo a reality,” said Eric Schippers, senior vice president of Penn National. “We’re eager to move forward and excited that this project will bring thousands of construction and permanent jobs to the Toledo area, as well as tens of millions of dollars for the city of Toledo as well as all of the counties and school districts in Northwest Ohio.”
Penn National has designated Kenneth Schultz, Vice President of Design and Construction, to lead its development efforts on the ground in Toledo and the Company announced two new additions to its Toledo team:
▪ Local attorney Richard Mitchell of Mitchell Law LLC, will serve as Penn National’s legal counsel, primarily focusing on employment and real estate matters. The Company’s legal team also includes former Ohio Supreme Court Justice Andy Douglas of Crabbe, Brown & James LLP of Columbus. Mr. Douglas served as Penn National’s legal and political advisor for Northwest Ohio during the Issue 3 campaign, and will continue to serve in that capacity during the development of the casino.
▪ After working closely with the NAACP in Toledo, Penn National has named Jay Black as its diversity consultant for Hollywood Casino Toledo. Mr. Black will assist in developing a comprehensive diversity plan to ensure that the project and the casino’s workforce is inclusive and reflects the diverse nature of the community.
The Miami Street site was purchased by Toledo Gaming Ventures, Inc., an Ohio corporation established by Penn National, from River Road Development, which acquired the property in 2006. River Road used a Clean Ohio Revitalization Fund grant and a matching grant from the city of Toledo to perform environmental remediation on the site. In February 2009, the Ohio Environmental Protection Agency approved the completed remediation, clearing the way for redevelopment.
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.
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; the activities of our competitors and the emergence of new competitors; construction factors, including delays 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.
I have hope that this will work out better than so many other ventures in the area that have failed. I.E. Rossford Arena, Marina District, COSI, Erie St. Market, Steamplant renovations.
December 30th, 2009 at 10:51 pmWell, they closed on the land so that is promising and the marina check may be coming from Dillin so maybe that’s not completely dead.
December 30th, 2009 at 10:53 pmThe Marina district project has been going on longer than I’ve been in the Marine Corps. In that time the Marine Corps has built it’s own national museaum on donations, completely located a whole air station and personnel, and fought a whole war to success.
My faith does not lie with Toledo.
December 30th, 2009 at 11:21 pmMaybe we need the Marines to be in charge of the Marina District
December 30th, 2009 at 11:25 pmMaybe since Carty will be gone, the Marines will at least be welcome back in Toledo again!
December 30th, 2009 at 11:55 pmNo one has greater respect for the military than I do, but the analogy is ridiculous on its face. The United States Marine Corps has the resources of the entire United States government at its disposal. The City of Toledo is not close to that.
Secondly, I must have missed something. Again, I reiterate, I have nothing but respect for the Marine Corps. The failures I blame upon government officials who choose the wrong wars at the wrong places. Has the United States won a war since World War II? Korea? Viet Nam? Iraq? Afghanistan? We did fairly well in Panama and Grenada, but were those really wars?
MikeyA…did you believe President Bush #43 when he declared “Mission Accomplished” over 7 years ago in Iraq?
December 30th, 2009 at 11:57 pmI took it as an example of the years the Marina has stalled, as opposed to starting a political conversation on the war. Which would be hard to tie into the casino or the Mayor beyond the one liner type comments such as Stinger shared.
December 31st, 2009 at 12:01 amWell, I am glad to see that all of Toledo’s economic woes will be resolved in two years with the opening of the casino.
December 31st, 2009 at 1:12 amOh, Yes, second half of 2012, Casino, Slots, Strickland, and Obama saves us all. Only 2 1/2 years until it “might” open.
December 31st, 2009 at 4:25 amBut then that will more than likely be moved up another 2 1/2 years and after that well, everyone has moved onto another City or else where because nothing will be left in Toledo, Ohio
at all. Just a Ghost Town.
Too bad they couldn’t have put it downtown where they could draw from the crowds at the ball field and arena. Oh well
December 31st, 2009 at 9:02 amDale, wow you really tried to get off topic there didn’t you.
If you notice from my original comment that the National Marine Corps museum was built on DONATIONS.
Think about that. A whole building, and everything inside it built and collected on donations. It actually was not built by the Marine Corps but rather the Marine Corps Historical Society. The only two things the Marine Corps did was sell the land to the society and Marines act as volunteers to be security.
No Marine Corps or Gov’t assets were used in it’s building.
I used my examples to show the logistical matters that can be identified, planned, and solved in an 8 year time frame if motivated individuals are running it.
The projects in Toledo further show the incompetence of our local gov’t and the lack of motivation of people within it.
Perhaps you can explain to me why the Steamplant hasn’t advanced IN FIFTEEN YEARS!?
December 31st, 2009 at 10:31 amI wonder how much money the city and state are going to have to pay out for road construction updates on Miami street and that exit for the casino.
December 31st, 2009 at 11:54 amI wonder who the investors were for River Road Development? Has that been made public?
January 2nd, 2010 at 6:58 pmInteresting question Bill, previous media identified them as being from Middletown, and the exact name of the group is “River Road Redevelopment LLC,” they were founded in 2006 but they only have their agent/attorney listed in the Secretary of State database.
January 2nd, 2010 at 7:28 pmIt seems as if there should be some disclosure as to all that had ownership in the property – considering we were forced into only using that site.
January 3rd, 2010 at 2:34 pmWhat if we found local politicians were part owners?
Bill that is a valid question, and one I don’t yet have an answer too. All I do know is they appear to have made a profit from the land sale.
It was purchased in 2006 for 565,000.00 and sold for 2,500,000.00. If there were any improvements made to the site, they did not result in an large increase of the tax value of the property.
January 3rd, 2010 at 2:55 pm