Penn National to Sell Louisiana

30 Aug 2004

SHREVEPORT, Louisiana – As reported by the Associated Press: "Penn National Gaming Inc. agreed Monday to sell the financially troubled Hollywood Casino in Shreveport to a small Nevada casino operator.

"Terms of the agreement between the casino's managing partner, HSC I Inc., and Eldorado Resorts LLC were not revealed, but HSC said the casino would undergo a financial restructuring plan. The casino plans to file for federal bankruptcy protection during the fourth quarter, HSC said.

"The dockside casino-hotel, which employs about 1,800, has been a disappointment ever since its opening in 2000.

"…Penn National places the value of the resort's assets at $118 million, far below the debt the project carries. HCS said the reorganization plan would substantially cut that debt.

"Penn National has said the project is suffering from lower-than-expected revenue, higher taxes and a competitive casino market…"

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	Penn National to Sell Louisiana 30 Aug 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> SHREVEPORT, Louisiana – As reported by the Associated Press: "Penn National Gaming Inc. agreed Monday to sell the financially troubled Hollywood Casino in Shreveport to a small Nevada casino operator. "Terms of the agreement between the casino's managing partner, HSC I Inc., and Eldorado Resorts LLC were not revealed, but HSC said the casino would undergo a financial restructuring plan. The casino plans to file for federal bankruptcy protection during the fourth quarter, HSC said. "The dockside casino-hotel, which employs about 1,800, has been a disappointment ever since its opening in 2000. "…Penn National places the value of the resort's assets at $118 million, far below the debt the project carries. HCS said the reorganization plan would substantially cut that debt. "Penn National has said the project is suffering from lower-than-expected revenue, higher taxes and a competitive casino market…"

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Penn National to Sell Louisiana