| Penn National Gaming Secures Operators License in Maine |
Penn National Gaming, Inc. (Nasdaq: PENN) announced today that the Maine Gambling Control Board unanimously approved a final license for its subsidiary, Bangor Historic Track, to operate slot machines in Bangor. Maine regulators also voted unanimously to approve licenses for three key executives who will manage the facility.
As previously reported, Penn National recently completed its acquisition of an off-track betting facility in Bangor, Maine to house its initial slot operations in the state. Penn National's Hollywood Slots facility is now under construction and the Company expects to commence operations with approximately 475 slots at this site in November. Plans for a permanent facility with up to 1,500 slots are also currently underway.
Penn National Gaming owns and operates casino and horse racing facilities with a focus on slot machine entertainment. The Company presently operates eleven facilities in nine jurisdictions including West Virginia, Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn National's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. In November 2004, Penn agreed to acquire all of the outstanding shares of Argosy, which it expects to complete in September 2005.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from the Company's expectations. Meaningful factors which could cause actual results to differ from expectations include, but are not limited to risks related to the following: the passage of state, federal or local legislation that would expand, restrict, further tax or prevent gaming operations in the jurisdictions in which the Company operates; successful completion of capital projects; the activities of the Company's competitors; the existence of attractive acquisition candidates and the costs and risks involved in the pursuit of those acquisitions; the Company's ability to realize the benefits of the integration of acquired entities; the Company's ability to maintain regulatory approvals for its existing businesses and to receive regulatory approvals for its new businesses; the Company's reliance on key personnel; the maintenance of agreements with the Company's horsemen and pari-mutuel clerks; the impact of terrorism and other international hostilities and other factors as discussed in the Company's filings 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.
Source: Business Wire
Sunday, 21 August 2005
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