York County Casino
Construction of two Pennsylvania mini-casinos shut down today, Penn National Gaming, Inc. announced.
- Penn National announced in September 2018 that the Galleria was the choice for its first mini-casino, called a Category 4 casino. The company bid the highest, $50 million, to place a casino in York.
- Brian: new tonight in york county, a new mini casino is closer to coming to york county. Tonight springettsbury township supervisors voted unanimously in favor of penn national’s redeveloping plan.
Election results from Maine Secretary of State Overview. Initiative design. Question 1 was designed to allow for slot machines or a casino in York County, Maine.Applicants eligible for a license to operate slot machines or a casino would have been entities that owned at least 51 percent of a commercial horse racing track with pari-mutuel wagering in Penobscot County in 2003.
Hollywood Casino Morgantown was under construction from the ground up. Hollywood Casino York is set to open within a former Sears store in a mall in York County.
Statewide coronavirus shutdown cited for halting mini-casino work
Work was suspended “in response to Gov. Tom Wolf’s call for a statewide shutdown of all nonessential business activities to help prevent the spread of COVID-19,” according to the corporate release.
When work might resume is yet unclear, as with many of the coronavirus closures.
‘Preserving liquidity’ as stocks plummet
On Monday, the company’s stock took a drubbing, dropping nearly 45% from $15.47 to $8.54, according to the Philadelphia Business Journal. Penn National’s stock price has dropped more than 64% in the 10 days since closing at $23.91 per share on March 6, according to the Business Journal.
The company is using $430 million in credit as a lifeline and the remainder of its $700 million revolving credit should preserve its “financial flexibility,” according to the Business Journal.
Jay Snowden, the president and CEO of Penn National Gaming, explained the company’s position in a statement:
“We fully support the governor’s effort to try to stem the tide of this unprecedented public health threat. We also believe it’s prudent to revisit any and all capital expenditure commitments in order to help preserve liquidity in light of the impact of COVID-19 on our business.”
York County South Carolina Jobs
Details of the Penn mini-casinos
The $111 million Hollywood Casino Morgantown had planned to open in November.
The $120 million Hollywood Casino York at the York Galleria Mall in Springettsbury Township was anticipated to open by year’s end.
Category 4 “mini-casinos” may operate up to 750 slot machines and as many as 40 table games.
Snowden added:
“We look forward to continuing to consult with the Governor’s office, as well as local, state and federal health authorities to determine when construction might resume. In the meantime, we appreciate the patience, understanding and support of our community leaders in Morgantown and York, as well as our local construction teams.”
Penn National is a major national gaming company
Penn National Gaming owns, operates or has ownership interests in 41 gaming and racing properties in 19 jurisdictions. They also have video gaming terminal operations with a focus on slot machine entertainment. Penn recently acquired a major stake in Barstool Sports.
Penn National’s properties feature approximately 50,000 gaming machines, 1,300 table games, and 8,800 hotel rooms. In addition, the company operates an interactive gaming division through Penn Interactive Ventures, LLC.
During the casino shutdowns, Penn still has its online Hollywood Casino app in operation. They plan to launch online sports betting in Pennsylvania later this year, through their Barstool Sports partnership.
The Cordish Companies also plans to build a 100,000-square-foot gaming, dining and entertainment mini-casino at the Westmoreland Mall in Hempfield Township.
So far, no word if the PA casino shutdown might disrupt rehab plans at that location.
A public hearing was held today for a proposal to allow slot machines or a casino in York County, Maine. The proposal has faced a number of criticisms by lawmakers after they claim the offshore investment company behind the proposal has a suspect history. Despite its criticisms, however, legislature is set to place a question on the November ballot asking voter s to approve the casino due to the fact that so many people have given their signature in support of the proposal.
Supporters of the proposal make the argument that the new casino could bring jobs and a number of other benefits to the area. If the proposal were to be approved, York County could reap the benefits of millions in profits, which would be funneled in to schools, colleges, Maine’s Native American tribes, veterans and a harness racing industry. At the Wednesday morning meeting no one from the public raised their voice in favor of the casino.
About the Investment Company
Bridge Capital, a high-risk investment firm based in Saipan of the Mriana Islands, would be given exclusive rights to build the casino in York County. Shawn Scott, who represents Bridge Capital, has also previously won a casino ballot question, which helped create Maine’s first casino in Bangor. Penn National now runs that casino. The only representative sent by Bridge Capital was attorney Dan Riley, who had only been notified of the hearing hours prior to it taking place.
Sen. Ron Collins, R-Wells criticized the company for its clear disregard for the affect a casino would have on the community. “Bridge Capital – I don’t think cares what’s in this bill,” Collins said before walking out of the meeting on Wednesday. Collins went on to say that they received the signatures and he fully expects them to pile millions of spending on advertising to make sure people vote the casino into existence in November. He suspects the casino misled people to earn the signatures needed to put it on the ballot, and that Bridge Capital’s motives are purely to profit from the sale of the casino.
Bridge Capital’s Past
The Bangor facility that Scott originally secured and sold in 2003 brought in $51 million for Bridge Capital. Since then Scott and Bridge Capital have been accused of irresponsible financial management, per the Maine Harness Racing Commission. In the span of an 8-year period the company faced over two dozen lawsuits, including a seizure of a facility run by Bridge Capital over corruption charges.
York County Casino Location
While some continue to argue the benefits of the proposed casino, a number of representatives are still questioning the company’s motives. A hearing such as the one held on Wednesday is very rare, but the publics concerns are valid, given Bridge Capital’s History. As it stands the proposal will appear on the ballot in November and lawmakers are expected to hold future work sessions to prepare it in the months leading up to that vote.