The gaming field in Pennsylvania is striving to bring innovation over the span of this year and one of the ways this could potentially happen is with the help of the new mini-casinos which could see their official launch in the foreseeable future. Penn National is one of the casino developers and operators which acquired one of the satellite casino licenses and as it has been confirmed recently more time would be given for the official location for construction to be chosen.
The state of Pennsylvania has dedicated 2018 to a lot of improvement when it comes to the gambling industry and one of the ways to do so is with the introduction of 10 mini-casino venues sprinkled across the state. However, in reality, only half of those venues might be built since the interest towards participation in the auctions gradually declined over the span of the months since the beginning of this year.
Mountainview Thoroughbred Racing Association which is linked to Penn National managed to propose the biggest bid and this resulted in an initial license being offered to it. The bid itself amounted to $50.1 million, securing that the bidder will remain in superior position to the rest of the competitors. Ever since that the casino operator has had the time to look around and pick a suitable site for construction within a 15-mile area around Yoe.
The borough is situated about five miles southeast of the city of York. At the same time, the location is some 50 miles south of the other property managed by the bidder, Hollywood Casino. Originally the ultimate date for decision announcing was 12th July, but as it turns out the deadline will be extended to 12th September. This Wednesday witnessed the Pennsylvania Gaming Control Board granting Penn National Gaming a longer period of time for consideration.
Development Surrounding Penn National
While the casino operator is considering which could be the most suitable location for the brand new satellite casino to be constructed at, there is other big news surrounding Penn National. It was recently announced that the Wyomissing-based company is going to acquire the operations of Margaritaville Resort Casino which is located in Bossier City, Louisiana.
The official arrangement between the two companies was achieved at the price of $115 million this week and it promises benefits to all parties involved in it. VCI Properties Inc. is the company which has entered the deal with Penn National along the lines of which the casino location will continue operation.
VCI is set to purchase the land on which the casino resort is built, as well as the real estate assets of the location for as much as $261 million. In the meantime, Penn National is going to have to pay an annual rent reaching $23 million over the span of the next 15 years.
There are also four options for renewing the contract for operation, each of which adds 5 additional years. The next step would be for the Louisiana Gaming Control Board to give its approval in the upcoming months so that the deal is considered closed.
