MAHONING, PA-Penn National Gaming Inc. andEndeka Entertainment LP have proposed thedevelopment of the Lawrence Downs Casino and Racing Resort, a$225-million project here, to the Pennsylvania Gaming ControlBoard.

The $225-million cost is inclusive of $66.5 million in licensingfees, according to the Wyomissing, PA-based firm. The proposedLawrence Downs Casino and Racing Resort will feature a new harnessracing facility; approximately 1,250 slot machines at opening withcapacity for 1,500; approximately 40 live table games and 10 pokertables; a variety of food and beverage options; and surface parkingfor 2,000 vehicles. Penn National will develop and manage theproject.

Penn National officials state the company will provide the$50-million license fee bond and will fund $15 million through aloan. It will also acquire a warrant to purchase a one-thirdownership interest in the business. Following construction, it isexpected that Gaming and Leisure Properties, Inc., the real estateinvestment trust that, subject to regulatory approval, will bepublicly traded and hold substantially all of Penn National's realproperty assets following the proposed separation of the company'soperating assets from its real property assets, will purchase thefacility and lease it back to the owner.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.