Posts Tagged ‘gaming zone’
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Cherokee County, Kansas is going to be welcoming a new member of the community. The Kansas Lottery approved the building for Hollywood Casino on Monday, May 05, 2008 and it is the first casino contract to be authorized under the state’s new gambling law. The new law allows for casino establishments to be built in four areas of the state. As long as the special casino selection committee in Topeka approves the project, the casino can go forward as planned.
The casino, which would be located on US-166 Highway, will be operated by Penn National Gaming Inc. So far, this is the only proposal that has been received for the southeast gaming zone of the state. The zone consists of two counties, Crawford and Cherokee. So far, Sumner, Wyandotte, and Ford counties which are in three other state gaming zones have received proposals for casinos.
The proposed casino will cost $225 million which will be spent over a period of time and built in phases. The plans for the casino floor include thirty Las Vegas style table games and 900 slot machines to begin with. There is a possibility that the total number of slot machines could be expanded to 1,500. The casino is expected to net a daily income of $153 per slot machine and $655 per table game. Forecasts have that number close to be doubled by the fifth year of the casino’s operation.
The first phase of construction would also include a 225 seat buffet restaurant, one coffee shop, a gift shop, and bar. Penn National Gaming, Inc. is leaving their options open to add a two hundred room luxury resort hotel, car museum and event center that could seat up to 1,750 people. If the proposal is accepted by the casino selection committee, it could open as early as May 2010 and employee 510 people.
The Hollywood Casino would be owned by the Lottery Commission of the state of Texas and Penn National Gaming, Inc. would be in charge of running the daily operations. The deal that is being reviewed would allow the $225 million to be spread over the course of twelve years and they would be required to submit somewhere between 22% and 28% of the income generated by the casino to the state of Kansas. While the Lottery Commission had reservations about the twelve year investment terms, they felt it was still a good deal and approved the contract.
Penn National Gaming, Inc. is based out of Wyomissing, Pennsylvania and currently owns or operates 19 other establishments. They are one of the developers looking at securing an additional casino in Sumner County, Kansas.
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