Penn National wants Kansas investment rule relaxed

9 Apr 2008

KANSAS -- As reported by The Kansas City Star: "Penn National Gaming is pressuring Kansas to back off a requirement in state law that companies invest at least $250 million in state gambling casinos.

"If Kansas does not relax the investment rule, Timothy J. Wilmott, Penn president and chief operating officer, said Tuesday that the company would not rule out walking away from its application to build and operate a state-owned casino in Cherokee County in the state's southeast corner. No other companies are seeking a license to operate in that market.

"'We're not putting $250 million into this development,' Wilmott said Tuesday in an interview at Penn's Argosy Casino Hotel & Spa in Riverside.

"Ed Van Petten, Kansas Lottery director, said Penn advised the state of its new stance earlier this week, but said it was unclear whether state law had enough flexibility to accommodate the casino company's demand.

"...Wilmott said Penn would consider an initial investment of about $150 million, including the state's required $25 million up-front cash payment, while phasing in the full $250 million in capital investment over an unspecified number of years..."

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	Penn National wants Kansas investment rule relaxed 9 Apr 2008 <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> KANSAS -- As reported by The Kansas City Star: "Penn National Gaming is pressuring Kansas to back off a requirement in state law that companies invest at least $250 million in state gambling casinos. "If Kansas does not relax the investment rule, Timothy J. Wilmott, Penn president and chief operating officer, said Tuesday that the company would not rule out walking away from its application to build and operate a state-owned casino in Cherokee County in the state's southeast corner. No other companies are seeking a license to operate in that market. "'We're not putting $250 million into this development,' Wilmott said Tuesday in an interview at Penn's Argosy Casino Hotel & Spa in Riverside. "Ed Van Petten, Kansas Lottery director, said Penn advised the state of its new stance earlier this week, but said it was unclear whether state law had enough flexibility to accommodate the casino company's demand. "...Wilmott said Penn would consider an initial investment of about $150 million, including the state's required $25 million up-front cash payment, while phasing in the full $250 million in capital investment over an unspecified number of years..."

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Penn National wants Kansas investment rule relaxed