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Penn Gaming Files for $295M Kansas Casino

WYOMISSING, PA-As its $8.9-billion buy-out nears, Penn National Gaming advances on a Maryland racetrack buy and applies to develop and operate a Kansas-owned casino.

By Marita Thomas | Updated on September 12, 2007

WYOMISSING, PA-Penn National Gaming Inc. has picked up the pace of expansion and geographic diversification following its June agreement to sell to a private equity buyer for $8.9 billion . It has executed a definitive agreement on its previously announced intent to acquire Rosecroft Raceway in Fort Washington, MD and become the first applicant for a license as lottery gaming facility manager at a planned $295-million casino resort in the newly established Southeast Gaming Zone of Kansas.

A new Kansas gambling law, passed this April, allows for development of a casino in each of four zones in the state and slot machines at three dog- and horse-racing tracks. It requires a developer to invest at least $225 million in a complex, and all of the facilities will be owned by the state and overseen by the Kansas Lottery Commission. The Southeast zone includes Cherokee and Crawford counties.

Penn National’s application seeks consideration to become a developer, manager and operator in Cherokee County, and, according to a Penn National statement, has earned “an exclusive endorsement” from the county and “an opportunity to enter into a pre-development agreement with our host community.” However, the original Sept. 7 deadline for applications has been extended to allow Crawford County 90 days to seek a prospective gaming facility developer.

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