Penn National Gaming Proposes $225M Casino in Mahoning

MAHONING, PA-Penn National Gaming Inc. and Endeka Entertainment LP have proposed the development of the Lawrence Downs Casino and Racing Resort, a $225-million project here, to the Pennsylvania Gaming Control Board.The $225-million cost is inclusive of $66.5 million in licensing fees, according to the Wyomissing, PA-based firm. The proposed Lawrence Downs Casino and Racing Resort will feature a new harness racing facility; approximately 1,250 slot machines at opening with capacity for 1,500; approximately 40 live table games and 10 poker tables; a variety of food and beverage options; and surface parking for 2,000 vehicles. Penn National will develop and manage the project.Penn National officials state the company will provide the $50 million license fee bond and will fund $15 million through a loan. It will also acquire a warrant to purchase a one third ownership interest in the business. Following construction, it is expected that Gaming and Leisure Properties, Inc., the real estate investment trust that, subject to regulatory approval, will be publicly traded and hold substantially all of Penn National's real property assets following the proposed separation of the company's operating assets from its real property assets, will purchase the facility and lease it back to the owner.“With 11 wholly owned or joint venture pari-mutuel racing facilities, Penn National owns the most racing facilities of any operator in North America. The company has a long-standing commitment to the growth of horseracing in Pennsylvania and the proposed Lawrence Downs Casino and Racing Resort is a clear indication of our belief in the industry's future,” states Tim Wilmott, president and COO of Penn National Gaming. “We look forward to working with Manny Stamatakis and the principals at Endeka Entertainment to bring the excitement of world-class harness racing and first-class gaming entertainment to Mahoning Township and its surrounding communities in Western Pennsylvania.”