PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq:
PENN) announced today that it will host a groundbreaking ceremony
for the second hotel tower at M Resort this afternoon at 2 pm
PST.
“We can’t wait to begin construction on a second hotel tower at
M Resort,” said Jay Snowden, CEO and President of PENN
Entertainment. “This new addition will benefit from the strong
demand of the Henderson locals market while providing much needed
additional room capacity for group business that is drawn to our
market-leading resort and amenities, including our highly
successful partnership with the Las Vegas Raiders.”
The project, with an estimated budget of $206 million, is
expected to add 384 rooms to the Company’s property south of the
Las Vegas Strip, bringing its total to 774 rooms and suites. Along
with the rooms, there will be expanded meetings space, updated
amenities and additional local partnerships that will be announced
at a later date.
“We are thrilled to be celebrating this day with our team
members and key stakeholders,” said Hussain Mahrous, Vice President
& General Manager of M Resort. "We look forward to hiring new
team members and expanding the wonderful offerings that make M
Resort a premier destination for visitors and convention attendees
from across the country.”
The new hotel is part of a previously announced plan for four
new growth projects that includes new land-based casinos in Aurora
and Joliet, Illinois, and a new hotel in Columbus, Ohio. The City
of Aurora will be providing $50 million in funding for the project
there, and Gaming and Leisure Properties, Inc. has committed up to
$575 million towards the overall $850 million budget for all four
growth projects.
About The M Resort
M Resort Spa Casino, the Official Team Headquarters Hotel of the
Las Vegas Raiders, is a Forbes Four-Star resort located on more
than 90 acres on the southeast corner of St. Rose Parkway and Las
Vegas Boulevard. Situated higher in elevation than other
resort-casinos on the Las Vegas Strip, M Resort provides optimal
views of the world-famous Las Vegas skyline from its guest rooms,
suites, conference center and restaurants. The resort offers 390
guest rooms and suites, over 92,000 square feet of gaming, eleven
restaurants and bars, the Forbes Four-Star Spa Mio, a modern
fitness center and a 100,000 square foot pool and events piazza. M
Resort is operated by PENN Entertainment.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231211375458/en/
Jeff Morris Vice President, Public Affairs PENN Entertainment,
Inc. 610/373-2400
Chandra Stepanovich Dandelion PR for M Resort
chandra@dandelionpr.com 702-683-6004
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
Von Mai 2023 bis Mai 2024