Tuesday, February 5, 2008

To Mohegan With Love: Penn National's New Pa. Casino To Open Before St. Valentine's Day

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Penn National, the firm that sold the Pocono Downs racetrack to the Mohegan Tribe, is scheduled to open their Pennsylvania slot parlor on Tuesday, February 12, two days before St. Valentine's Day.

The casino opening is subject to the approval of the Pennsylvania Gaming Control Board, which will be monitoring two nights of test-runs on February 8 and 10. Penn National's slot parlor will have 2,000 slot machines

The $310 million new casino and track facility is now called "Hollywood Casino at Penn National Race Course" and is in Grantville, close to Harrisburgh, Pa.

Penn National's headquarters is in Wyomissing, Pa. In 2002, Penn National bought Hollywood Casino Corporation (which owned and operated casinos in Illinois, Mississippi and Indiana) for a total value of $780 million (total of net cash paid and debt assumed). The purchase would double Penn's annual revenue at that time to $1 billion, according to Penn officials at the time of that purchase.