PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq:
PENN) announced today that it will host a groundbreaking ceremony
for the future Hollywood Casino Joliet on December 13, 2023 at 2 pm
CT. The entirely new land-based casino and entertainment facility
will replace the Company’s nearby riverboat casino when
completed.
The $185 million regional destination will anchor RockRun
Collection, a new super-regional commercial and residential
development, conveniently located adjacent to the Interstate 80 and
Interstate 55 interchange in Joliet and projected to have 230,000
passing vehicles daily. The best-in-class facility will feature
approximately 850 slots and 44 live table games, including a
baccarat room, a retail sportsbook, high quality bars and
restaurants, an approximately 10,000 square foot event center with
meeting areas, and approximately 1,330 parking spaces. The Company
expects to create 450 construction jobs and 515 permanent jobs at
the new facility, growing PENN’s current team in Joliet by 150 team
members.
“We are very excited to be moving forward with construction on a
new, state-of-the-art Hollywood Casino Joliet in an ideal
location,” said Jay Snowden, CEO and President of PENN
Entertainment. “Our close proximity to two interstates and
surrounding mixed-use development will offer our modern facility
with exceptional visibility and accessibility in the highly
attractive Chicagoland market.”
The move onto land was predicated by a law signed in 2019 that
allowed for riverboat casinos to relocate landside. The existing
Hollywood Casino Joliet, which is located on the Des Plaines River,
will maintain its normal operations while the new land-based
facility is constructed, which is anticipated to take approximately
24 months.
“From our day-one team members to the hundreds of individuals
that will be joining us in the months ahead, this is an incredibly
exciting milestone for all of us with the property and local
community,” said Mike Thoma, Vice President & General Manager
of Hollywood Casino Joliet. “We can’t wait to provide our guests
with an even greater customer experience at the future Hollywood
Casino Joliet.”
The Company has invited members of the Illinois Gaming Board,
Illinois General Assembly, the Mayor of Joliet and the City
Council, labor organizations, and other local stakeholders to the
groundbreaking ceremony.
The new Hollywood Casino Joliet is part of a previously
announced plan for four new growth projects in Aurora, Illinois;
Columbus, Ohio; and Henderson, Nevada. Gaming and Leisure
Properties, Inc. has committed up to $575 million towards the
overall $850 million budget for all four growth projects.
About Hollywood Casino Joliet
Operated by PENN Entertainment, Hollywood Casino Joliet is
located off Interstate 80 and is open 22 hours a day, seven days a
week. The facility features a 50,000 square foot gaming floor with
over 900 slot machines and 25 table games, a comedy club, and a
recently updated sports bar and retail sportsbook. Dining options
include Final Cut Steakhouse, 99 Hops House, VIP Lounge, and Take
Two Deli. Hollywood Casino Joliet offers a 100-room hotel and
multi-purpose banquet and event space. For more information, go to
www.hollywoodcasinojoliet.com.
About PENN Entertainment
PENN Entertainment, Inc., together with its subsidiaries
(“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s
leading provider of integrated entertainment, sports content, and
casino gaming experiences. PENN operates 43 properties in 20
states, online sports betting in 18 jurisdictions and iCasino in
five jurisdictions, under a portfolio of well-recognized brands
including Hollywood Casino®, L’Auberge®, ESPN BET™ and theScore Bet
Sportsbook and Casino®. In August 2023, PENN entered into a
transformative, exclusive long-term strategic alliance with ESPN,
Inc. and ESPN Enterprises, Inc. (together, “ESPN”) relating to
online sports betting within the United States. PENN’s ability to
leverage the leading sports media brands in the United States
(ESPN) and Canada (theScore) will position us to significantly
expand our digital footprint and efficiently grow our customer
ecosystem. This highly differentiated strategy, which is focused on
organic cross-sell opportunities, is reinforced by our
market-leading retail casinos, sports media assets, and technology,
including a proprietary state-of-the-art, fully integrated digital
sports and iCasino betting platform and an in-house iCasino content
studio. PENN’s portfolio is further bolstered by our
industry-leading PENN Play™ customer loyalty program, which offers
our over 27 million members a unique set of rewards and experiences
across business channels.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of
forward-looking terminology such as “expects,” “believes,”
“estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,”
“may,” “will,” “should,” or “anticipates” or the negative or other
variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Specifically,
forward-looking statements include, but are not limited to,
statements regarding: the Company’s development projects at
Hollywood Casinos Aurora, Joliet, Columbus, and the M Resort Spa
Casino, and the expected benefits and potential challenges of these
development projects; our ability to obtain financing for our
development projects on attractive terms; the timing, cost and
expected impact of planned capital expenditures on the Company’s
results of operations; the scale and timing of the Company’s
development, product and technology investments; the Company’s
expectations regarding results, and the impact of competition, in
retail/mobile/online sportsbooks, iCasino, social gaming, and
retail operations; the Company’s expectations regarding its
Sportsbook Agreement with ESPN and the future success of its
products; the Company’s development and launch of its Interactive
segment’s products in new jurisdictions and enhancements to
existing Interactive segment products, including the content for
the ESPN BET and theScore Bet Sportsbook and Casino apps; and the
actions of regulatory, legislative, executive or judicial decisions
at the federal, state, provincial or local level with regard to our
business and the impact of any such actions.
Such statements are all subject to risks, uncertainties and
changes in circumstances that could significantly affect the
Company’s future financial results and business. Accordingly, the
Company cautions that the forward-looking statements contained
herein are qualified by important factors that could cause actual
results to differ materially from those reflected by such
statements. Such factors include: the effects of economic and
market conditions in the markets in which the Company operates;
competition with other entertainment, sports content, and casino
gaming experiences; the timing, cost and expected impact of
development, product and technology investments; risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions; collective bargaining activity and strikes;
and additional risks and uncertainties described in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022,
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each as filed with the U.S. Securities and Exchange
Commission. The Company does not intend to update publicly any
forward-looking statements except as required by law. Considering
these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20231212256888/en/
Jason Tosches Director, Public Affairs & Government
Relations PENN Entertainment, Inc.
jason.tosches@pennentertainment.com 610-373-2400
Jessica Gallen Laughlin Constable Public Relations
Jgallen@laughlin.com 312-995-8598
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