- PENN Entertainment Inc (NASDAQ:PENN) plans to relocate its riverboat casinos in Aurora and Joliet, Illinois, to new land-based facilities.
- The Aurora development will include 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 new bond issuance.
- The company also intends to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada.
- In connection with the above proposals, PENN has agreed with Gaming And Leisure Properties, Inc. (NASDAQ:GLPI) to create a new master lease, including the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (Ohio), Hollywood Toledo (Ohio), the M Resort (Nevada), the Meadows (Pennsylvania), and Hollywood Perryville (Maryland).
- GLPI will provide up to $225 million at a 7.75% cap rate for the Aurora project.
- PENN may elect to receive up to $350 million of funding for the Columbus, Joliet, and M Resort projects.
- “The overall estimated budget for these new growth projects is approximately $850 million,” said PENN CEO Jay Snowden.
- Price Action: PENN shares are trading lower by 0.59% at $30.50 in premarket on the last check Monday.
Recently Updated And Extended Joint Development Agreement Between ExxonMobil Technology And Engineering Company and FuelCell Energy Aimed At Accelerating Access To Carbonate Fuel Cell Technology For Carbon Capture
Carbonate fuel cell technology captures CO2 emissions from industrial sources, while simultaneously generating electricity and hydrogen, valuable co-products that can reduce the cost of carbon capture and
