Kansas Entertainment, LLC, a 50/50 joint venture of Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation ("ISC"), was selected on Tuesday by the Kansas Lottery Gaming Facility Review Board to develop and operate a Hollywood-themed entertainment destination facility overlooking Turn 2 at Kansas Speedway in the North East Gaming Zone in Wyandotte County, Kansas. Based on its selection, and subject to background investigations and licensing by the Kansas Racing and Gaming Commission which are expected to be completed in early 2010, Kansas Entertainment would begin construction of the Hollywood-themed and branded entertainment destination facility in the second half of 2010 with a planned opening in the first quarter of 2012.The initial phase of the new facility, budgeted at $386 million, would include a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games, a high-energy lounge and a variety of dining and entertainment options. Additional project phases including a hotel, expanded gaming space, a spa, convention center and entertainment retail district, have been master planned and will be developed based on market demand. Penn National Gaming and International Speedway Corporation will equally share the full development cost and future cash requirements which are expected to approximate $290 million and be comprised of project financing, gaming equipment lease financing and owner equity contributions. (Kansas Speedway)
Kansas Speedway casino project approved
Kansas Entertainment, LLC, a 50/50 joint venture of Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation ("ISC"), was selected on Tuesday by the Kansas Lottery Gaming Facility Review Board to develop and operate a Hollywood-themed entertainment destination facility overlooking Turn 2 at Kansas Speedway in the North East Gaming Zone in Wyandotte County, Kansas. Based on its selection, and subject to background investigations and licensing by the Kansas Racing and Gaming Commission which are expected to be completed in early 2010, Kansas Entertainment would begin construction of the Hollywood-themed and branded entertainment destination facility in the second half of 2010 with a planned opening in the first quarter of 2012.The initial phase of the new facility, budgeted at $386 million, would include a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games, a high-energy lounge and a variety of dining and entertainment options. Additional project phases including a hotel, expanded gaming space, a spa, convention center and entertainment retail district, have been master planned and will be developed based on market demand. Penn National Gaming and International Speedway Corporation will equally share the full development cost and future cash requirements which are expected to approximate $290 million and be comprised of project financing, gaming equipment lease financing and owner equity contributions. (Kansas Speedway)
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