Penn Defaults on Louisiana Casino Payments

17 Feb 2004

LOUISIANA – As reported by the Chicago Business: "The top bidder for Illinois' 10th casino license is in default on debt on a Louisiana casino.

"Since acquiring Hollywood Casino Shreveport in its purchase of Dallas-based Hollywood Casino Corp. last year, Penn National Gaming Inc. has refused to make mortgage payments on the casino. The company argues that the casino doesn't generate enough cash to cover payments on the $189-million debt. So far, Penn has missed about $25 million in payments.

"…And now, Penn is counting on Wall Street's support to finance its bid to purchase Emerald Casino Inc.'s dormant license in Illinois and for construction of a casino and hotel in Rosemont.

"…'It's an extremely safe deal,' says Cezar Froelich, a Chicago-based attorney for Penn. 'It's our debt. We're on the hook.'…"

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	Penn Defaults on Louisiana Casino Payments 17 Feb 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LOUISIANA – As reported by the Chicago Business: "The top bidder for Illinois' 10th casino license is in default on debt on a Louisiana casino. "Since acquiring Hollywood Casino Shreveport in its purchase of Dallas-based Hollywood Casino Corp. last year, Penn National Gaming Inc. has refused to make mortgage payments on the casino. The company argues that the casino doesn't generate enough cash to cover payments on the $189-million debt. So far, Penn has missed about $25 million in payments. "…And now, Penn is counting on Wall Street's support to finance its bid to purchase Emerald Casino Inc.'s dormant license in Illinois and for construction of a casino and hotel in Rosemont. "…'It's an extremely safe deal,' says Cezar Froelich, a Chicago-based attorney for Penn. 'It's our debt. We're on the hook.'…"