Penn National Gaming (PENN) Granted Category 1 Slot Machine License in Pennsylvania
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Penn National Gaming, Inc. (Nasdaq: PENN) announced that the Pennsylvania Gaming Control Board (PGCB) has granted the Company a conditional Category 1 slot machine license for the placement of slot machines at its planned Hollywood Casino racing and gaming facility at the Company's Penn National Race Course.
Penn National commenced construction of its planned, permanent Hollywood Casino racing and gaming facility in Grantville, Pennsylvania in August 2006. The project's $310 million budget includes a $50 million license fee and $260 million for construction and the purchase of an initial 2,000 gaming devices. The Company anticipates opening Hollywood Casino at Penn National by early 2008
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