Penn National Gaming, which owns, operates or has ownership interests in gaming and racing facilities in twenty-three facilities in sixteen jurisdictions, yesterday expressed its appreciation for the resolution unanimously passed by the Jefferson Parish Council regarding a proposed US$300 million casino along the Harvey Canal in Harvey, Louisiana. Pursuant to the resolution, if Penn National Gaming is awarded a provisional gaming license by the Louisiana Gaming Control Board (LGCB) this spring, the Jefferson Parish Council has agreed to allow Parish citizens to vote on whether they support the development of the proposed riverboat gaming facility.

In a statement Penn National Gaming said, “We look forward to working with Jefferson Parish leaders and citizens on this project and we are committed to leveraging the strength of our balance sheet and financial position to create sustainable economic benefits for the region and the state.” The Council resolution, proposed by Councilman Byron Lee, recognizes the opportunity for new jobs, additional local gaming tax revenue and the promotion of economic development on the West Bank in Jefferson Parish that would result from the Hollywood Casino, Harvey project. Highlighting its financial strength and commitment to develop the project, Penn National Gaming has offered to fund a US$75 million escrow account as part of its proposal to the LGCB.

Penn National Gaming projects that the proposed Hollywood Casino, Harvey would generate approximately $30 million in annual gaming taxes for the State of Louisiana and another $8 million for Jefferson Parish. In addition, construction of the project’s first phase is expected to create over 1,000 construction jobs in Louisiana. Once in operation, Hollywood Casino, Harvey expects to fill approximately 600 positions in the first phase alone. Penn National Gaming has also committed to a 25% target rate for minority and women’s business enterprise participation for the construction phase of the project.

“The Jefferson Parish Council’s resolution underscores the community leadership’s belief that a new gaming facility in the Parish will generate much-needed jobs and tax revenues to support local citizens while cleaning up an environmentally damaged and blighted area of Harvey,” said Peter Carlino, Penn National Gaming Chairman and CEO. “We look forward to working with Jefferson Parish leaders and citizens on this project and we are committed to leveraging the strength of our balance sheet and financial position to create sustainable economic benefits for the region and the state.”

Hollywood Casino, Harvey’s nearly US$150 million first phase will include up to 1,500 slots machines, 44 table games (including a 10-table poker room), parking garage, an upscale buffet and steakhouse as well as other food and beverage offerings and a multi-purpose room. The second phase would represent an additional US$155 million investment and include a 250-room hotel, an additional parking garage, a dedicated entertainment showroom and a pedestrian skywalk that would connect these additional amenities to the riverboat over Peters Road. (E-01.14.11)

© Copyright 2011 CasinoCompendium



>>> return to archives
>>> return to frontpage