Charles Town Races Approved for Additional Slots
CHARLES TOWN, West Virginia -- (Press Release) --Penn National Gaming, Inc. (Nasdaq: PENN) announced that the West Virginia Lottery Commission today approved its request to increase the number of slot machines authorized for placement at the Company's Charles Town Races by 1,000 to 4,500. The Company anticipates adding 300 of the newly authorized slot machines, subject to final regulatory approval of ticket-in/ticket-out gaming devices, at Charles Town Races by the beginning of the fourth quarter of 2004 bringing the total slot machine installed base to 3,800 units. Future additional slot machine placements at Charles Town will be considered relative to demand and prevailing market conditions.
Commenting on the approval, Peter M. Carlino, Chief Executive Officer of Penn National, said, "Through ongoing investment in the facility and its amenities as well as the race track, we have developed Charles Town into a premiere regional entertainment center. We have also established strong relationships with the Lottery Commission and state and local government officials who have worked with us to create economic benefits to the region. Our investments at Charles Town continue, and we expect to complete a new $25 million expansion project this year. Since our acquisition of Charles Town in 1997, we have invested over $200 million in new capital into the market, which has resulted in more jobs, better racing and an attractive entertainment destination.
"Financially, Charles Town continues to perform at record revenue levels. Since our initial refurbishment of the facility in 1997, additional gaming machines at Charles Town have been instrumental in driving patronage, revenue growth, profitability and purses at the facility. Increasing our slot offerings, while continuing our ongoing property enhancements and expansion, will enable patrons to have better access to machines and an overall improved entertainment experience."
Penn National Gaming owns and operates: three Hollywood Casino properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots(TM) in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two racetracks and eleven off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; a 50% interest in the Pennwood Racing Inc. joint venture which owns and operates Freehold Raceway in New Jersey; and operates Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.