Kansas Entertainment, LLC, (“Kansas Entertainment”) today commenced construction of Hollywood Casino at Kansas Speedway as Company representatives and local officials conducted a groundbreaking ceremony at Turn 2, the track-side site of the new facility.
Kansas Entertainment is a 50/50 joint venture of Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc. (PENN: Nasdaq) and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (ISCA: NASDAQ Global Select Market; ISCB: OTC Bulletin Board) (“ISC”).
The first phase of Hollywood Casino at Kansas Speedway includes a state-of-the-art casino and is expected to open the first half of 2012 with capacity for 2,300 slot machines, 61 table games and 25 poker tables on a 100,000 square-foot gaming floor. Hollywood Casino at Kansas Speedway will also feature 28,000 square-feet of other amenities including restaurants, clubs and nightlife attractions. The addition of the Hollywood Casino at Kansas Speedway is estimated to bring nearly 440,000 tourists per year and create over 1,000 full time positions; elevating the state to a first-class, year-round tourist destination.
Construction on the Hollywood Casino at Kansas Speedway took off in April with a formal groundbreaking ceremony. The destination casino Hollywood Casino at Kansas Speedwayis being built by Kansas Entertainment, a partnership of Penn National Gaming, International Speedway Corporation and Kansas Speedway.
The $386 million phase one development of Hollywood Casino at Kansas Speedway includes a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games, a high-energy lounge and a variety of dining and entertainment options. The casino will overlook turn two of the NASCAR track. Plans include additional phases, which will bring a hotel, expanded gaming space, a spa, convention center and an entertainment retail district. The later phases could bring the total investment to more than half a billion dollars.
The project is expected to create 1,700 construction jobs and more than 1,000 full time jobs. The Hollywood Casino at Kansas Speedway will be another destination venue that will attract millions of new visitors to Wyandotte County and bring significant economic benefits to the State of Kansas.
The casino, which overlooks turn two of the Kansas Speedway, is expected to bring in about four million people a year and generate an economic impact of about $220 million annually.