Kansas Entertainment Received Final Approval

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KANSAS ENTERTAINMENT, LLC RECEIVES FINAL APPROVAL
FROM KANSAS RACING AND GAMING COMMISSION FOR
KANSAS SPEEDWAY GAMING FACILITY

 

- Construction to Begin in Second Half of 2010 on Entertainment and Gaming
Destination at Kansas Speedway in Wyandotte County, Kansas -

Wyomissing, PA and Kansas City, KS (February 12, 2010) – Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc. (PENN: Nasdaq) and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (ISCA: Nasdaq Global Select Market; ISCB: OTC Bulletin Board) (“ISC”), today announced that it has received the final approval under the Kansas Expanded Lottery Act along with its gaming license from the Kansas Racing and Gaming Commission to proceed with the development of the Hollywood-themed destination casino overlooking Turn 2 at Kansas Speedway.  In 2009 the Unified Government of Kansas City and Wyandotte County endorsed the project and Kansas Entertainment, which successfully negotiated a management agreement with the Kansas Lottery Commission.  That agreement was subsequently approved by the Lottery Gaming Facility Review Board.  Kansas Entertainment plans to begin construction of the facility early in the second half of 2010 with a planned opening in the first half of 2012.

Peter M. Carlino, Chief Executive Officer of Penn National commented, “Today’s approval formally cements our role in the Wyandotte County community and we are excited to begin working alongside our partner, International Speedway Corporation, and with local businesses to construct a distinctive, first-class entertainment facility and destination resort.  Kansas Entertainment is committed to the long-term economic growth of Wyandotte County and the state of Kansas and we believe the Hollywood Casino at Kansas Speedway will be a growth engine bringing over 1,700 construction jobs, over 1,000 full time jobs and significant additional economic benefits to the Kansas City region.

“We are grateful to the Unified Government of Kansas City and Wyandotte County, the Kansas Lottery Commission, the Lottery Gaming Facility Review Board and the Kansas Racing and Gaming Commission, for their assistance and their support of our plans as we embark on the creation of Hollywood Casino at Kansas Speedway,” said Lesa France Kennedy, International Speedway Corporation Chief Executive Officer. 

“International Speedway Corporation is also excited to partner with Penn National Gaming on a project that will elevate the status of Kansas Speedway to a world-class sports, entertainment and leisure destination.  In addition, we believe our partnership with Penn National will result in a property that drives increased tourism and tax revenue for the local community and further improves the scope of our business.  The casino is just a starting point of all the good things to come as we fulfill our commitment to seek a second NASCAR Sprint Cup Series race, build a road course and host a Grand-Am race and allocate one percent of the casino’s revenue in support of the various organizations that make up the fabric of our community.”

The $386 million phase one development of Hollywood Casino at Kansas Speedway includes a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games, a high-energy lounge and a variety of dining and entertainment options.  Kansas Entertainment’s plans include additional phases, which will bring a hotel, expanded gaming space, a spa, convention center and an entertainment retail district to Kansas Speedway, pending market demands.  Pursuant to the terms of the joint venture, Kansas Speedway Development Corporation contributed 101 acres at Kansas Speedway for the development of the new facility.  Penn National Gaming and International Speedway Corporation will equally share the full project development costs. 

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 or seek to 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.

About International Speedway Corporation

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®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.  In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.

The Company also owns and operates MRN® Radio, the nation's largest independent sports radio network; the Daytona 500 ExperienceSM, the “Ultimate Motorsports Attraction” in Daytona Beach, Florida, and official attraction of NASCAR®; and Americrown Service CorporationSM, 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®, 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.iscmotorsports.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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