Penn National Gaming, Inc. (PENN:Nasdaq) (the “Company”) nowadays submitted a proposal towards the Maryland Video Lottery Facility Location Commission to get a $700 million casino resort project to become constructed at the Company’s Rosecroft Raceway in Prince George’s County, Maryland. Initially opened in 1947, Rosecroft is situated roughly 13 miles south of Washington, D.C. just outdoors the Washington Beltway.
Penn National’s proposed Hollywood Casino Resort at Rosecroft Raceway incorporates an integrated casino gaming and racing entertainment facility which will function video lottery terminals (“VLT”); live table games; a poker room; a hotel having a pool and spa; a variety of meals and beverage selections; an entertainment and multi-purpose occasion center; a new grandstand facility; and, structured and surface parking. A rendering of Penn National’s proposed resort improvement is available at: www.rosecroft.com.
The Enterprise expects the new project to generate roughly four,600 direct and indirect construction jobs, and 2,600 permanent direct and indirect jobs. Penn National intends to schedule and execute the improvement of Hollywood Casino Resort at Rosecroft Raceway to allow for the uninterrupted operations of the track and its year-round horseracing meet. The Organization has retained Urban Design Group, responsible for major gaming and resort facilities – which includes four essential Hollywood Casino projects as well as 4 Winds Casino Resort in Michigan – as the architect of record for the proposed improvement.
“We believe our proposed Hollywood Casino Resort at Rosecroft Raceway represents the top way forward for Prince George’s County plus the state of Maryland since it ensures the track’s long-term viability, delivers further stability to the nearby horsemen and the state’s horseracing business, brings significant new investment and employment for the region and will be a long-term driver of elevated economic activity,” stated Tim Wilmott, President and Chief Operating Officer of Penn National Gaming. “Penn National is excited to bring its Hollywood brand towards the six million residents on the greater Washington D.C. region, offering an conveniently accessible, world-class entertainment practical experience that characteristics the most beneficial in casino gaming, live harness racing, dining and accommodations. We’re seeking forward to a fair and objective choice method and functioning with the nearby community and also the state regulators to create this vision of a Rosecroft Raceway in the future a reality. Lastly, Penn National has strong record with gaming regulators, the industry’s most comprehensive record of development and operation of first-class gaming facilities, along with the Company’s sturdy balance sheet is an asset to the project which ensures that we can and will build the resort facility we’re proposing.”
Rosecroft Raceway is situated approximately 13 miles south of Washington, D.C. on about 125 acres just outdoors the Washington Beltway in Prince George’s County, Maryland. Initially opened in 1947 and closed in 2010 following the finish of live racing a year earlier, Penn National re-opened the facility in 2011 for live harness racing and race simulcasting. The current facility involves a 5/8-mile oval track, paddock region, a 53,000 square foot grandstand developing and 96,000 square-foot 3 story clubhouse developing with dining facilities.