PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq:
PENN) announced today that it will host a groundbreaking ceremony
for the future Hollywood Casino Aurora on November 29, 2023 at
2:45pm CT. The entirely new land-based casino, hotel and
entertainment facility will replace the Company’s nearby riverboat
casino when completed.
The $360 million regional destination is being developed
adjacent to the Chicago Premium Outlets, which attracts over eight
million visitors annually, and is conveniently located near
Interstate 88 in Aurora. The best-in-class facility will feature
roughly 1,200 gaming positions, approximately 220 guest rooms, a
retail sportsbook, outdoor entertainment area, full-service spa,
high-quality bars and restaurants, an approximately 12,000 square
foot event center with meeting areas and approximately 1,700
parking spaces. The Company expects to create 700 construction jobs
and 700 permanent jobs at the new facility, nearly doubling the
Company’s current team members in Aurora.
“We are thrilled to soon begin construction on a new,
state-of-the-art Hollywood Casino Aurora,” said Jay Snowden, CEO
and President of PENN Entertainment. “Our tremendous and
long-lasting partnership with the City of Aurora has provided an
opportunity to relocate our property to an ideal location that will
significantly improve our offerings and further our positive
economic impact on the community.”
The Aurora development included the transfer of certain parcels
of land from the city, and up to $50 million of the project will be
funded by the city through a new bond issuance. The move onto land
was predicated by a law signed in 2019 that allowed for riverboat
casinos to relocate landside. The existing Hollywood Casino Aurora,
which is located on the Fox River in downtown Aurora, will maintain
its normal operations while the new land-based facility is
constructed, which is anticipated to take approximately 24
months.
“We look forward to celebrating this important milestone with
our team members and many key stakeholders that have helped bring
us to this point,” said Greg Moore, Vice President & General
Manager of Hollywood Casino Aurora. “This is an exciting start to
our next chapter, and we cannot wait to welcome residents and
visitors of Chicagoland to the new Hollywood Casino Aurora when
completed.”
The Company has invited members of the Illinois Gaming Board,
Illinois General Assembly, the Mayor of Aurora and the City
Council, labor organizations, and other local stakeholders to the
groundbreaking ceremony.
The new Hollywood Casino Aurora is part of a previously
announced plan consisting of four new growth projects in Joliet,
Illinois; Columbus, Ohio; and Henderson, Nevada. Gaming and Leisure
Properties, Inc. has committed up to $575 million towards the
overall $850 million budget for all four growth projects.
About Hollywood Casino Aurora
Operated by PENN Entertainment, Hollywood Casino Aurora is on
the Fox River, conveniently located near Interstate 88, in Aurora,
Illinois. Open Sunday-Thursday 8:30 am to 4:30 am and Friday and
Saturday 8:30 am to 6:30 am, the 53,000 square foot gaming facility
features: more than 1,000 slot machines, over 20 table games,
including a live poker room, and a retail sportsbook. Dining
options include Fairbanks Steakhouse, Penalty Box Sportsbook &
Bar, and Slice. For more information, go to:
www.hollywoodcasinoaurora.com
About PENN Entertainment
PENN Entertainment, Inc., together with its subsidiaries
(“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s
leading provider of integrated entertainment, sports content, and
casino gaming experiences. PENN operates 43 properties in 20
states, online sports betting in 18 jurisdictions and iCasino in
five jurisdictions, under a portfolio of well-recognized brands
including Hollywood Casino®, L’Auberge®, ESPN BET™ and theScore Bet
Sportsbook and Casino®. In August 2023, PENN entered into a
transformative, exclusive long-term strategic alliance with ESPN,
Inc. and ESPN Enterprises, Inc. (together, “ESPN”) relating to
online sports betting within the United States. PENN’s ability to
leverage the leading sports media brands in the United States
(ESPN) and Canada (theScore) will position us to significantly
expand our digital footprint and efficiently grow our customer
ecosystem. This highly differentiated strategy, which is focused on
organic cross-sell opportunities, is reinforced by our
market-leading retail casinos, sports media assets, and technology,
including a proprietary state-of-the-art, fully integrated digital
sports and iCasino betting platform and an in-house iCasino content
studio. PENN’s portfolio is further bolstered by our
industry-leading PENN Play™ customer loyalty program, which offers
our over 27 million members a unique set of rewards and experiences
across business channels.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of
forward-looking terminology such as “expects,” “believes,”
“estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,”
“may,” “will,” “should,” or “anticipates” or the negative or other
variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Specifically,
forward-looking statements include, but are not limited to,
statements regarding: the Company’s development projects at
Hollywood Casinos Aurora, Joliet, Columbus, and the M Resort Spa
Casino, and the expected benefits and potential challenges of these
development projects; our ability to obtain financing for our
development projects on attractive terms; the timing, cost and
expected impact of planned capital expenditures on the Company’s
results of operations; the scale and timing of the Company’s
development, product and technology investments; the Company’s
expectations regarding results, and the impact of competition, in
retail/mobile/online sportsbooks, iCasino, social gaming, and
retail operations; the Company’s expectations regarding its
Sportsbook Agreement with ESPN and the future success of its
products; the Company’s development and launch of its Interactive
segment’s products in new jurisdictions and enhancements to
existing Interactive segment products, including the content for
the ESPN BET and theScore Bet Sportsbook and Casino apps; and the
actions of regulatory, legislative, executive or judicial decisions
at the federal, state, provincial or local level with regard to our
business and the impact of any such actions.
Such statements are all subject to risks, uncertainties and
changes in circumstances that could significantly affect the
Company’s future financial results and business. Accordingly, the
Company cautions that the forward-looking statements contained
herein are qualified by important factors that could cause actual
results to differ materially from those reflected by such
statements. Such factors include: the effects of economic and
market conditions in the markets in which the Company operates;
competition with other entertainment, sports content, and casino
gaming experiences; the timing, cost and expected impact of
development, product and technology investments; risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions; collective bargaining activity and strikes;
and additional risks and uncertainties described in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022,
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each as filed with the U.S. Securities and Exchange
Commission. The Company does not intend to update publicly any
forward-looking statements except as required by law. Considering
these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128952101/en/
Jeff Morris Vice President, Public Affairs & Government
Relations PENN Entertainment, Inc. 610-373-2400 Jessica Gallen
Laughlin Constable Public Relations Jgallen@laughlin.com
312-995-8598
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