Penn National Gaming Announces Jefferson Parish Council's Casino Development Resolution
January 13, 2011
Penn National Gaming, Inc., which submitted an application to the Louisiana
Gaming Control Board (LGCB) to develop a $300 million casino along the Harvey
Canal in Harvey, Louisiana, today expressed its appreciation for the resolution
unanimously passed yesterday by the Jefferson Parish Council regarding the
proposed gaming facility.
Pursuant to the resolution, if Penn National Gaming is awarded a provisional
gaming license by the LGCB this spring, the Jefferson Parish Council has agreed
to allow Parish citizens to vote on whether they support the development of the
proposed riverboat gaming facility. The Council resolution, proposed by
Councilman Byron Lee, recognizes the opportunity for new jobs, additional local
gaming tax revenue and the promotion of economic development on the West Bank in
Jefferson Parish that would result from the Hollywood Casino, Harvey project.
Penn National Gaming projects that the proposed Hollywood Casino, Harvey would
generate approximately $30 million in annual gaming taxes for the State of
Louisiana and another $8 million for Jefferson Parish. In addition, construction
of the project's first phase is expected to create over 1,000 construction jobs
in Louisiana. Once in operation, Hollywood Casino, Harvey expects to fill
approximately 600 positions in the first phase alone. Penn National Gaming has
also committed to a 25 percent target rate for minority and women's business
enterprise participation for the construction phase of the project.
"The Jefferson Parish Council's resolution underscores the community
leadership's belief that a new gaming facility in the Parish will generate
much-needed jobs and tax revenues to support local citizens while cleaning up an
environmentally damaged and blighted area of Harvey," said Peter Carlino, Penn
National Gaming Chairman and CEO. "We look forward to working with Jefferson
Parish leaders and citizens on this project and we are committed to leveraging
the strength of our balance sheet and financial position to create sustainable
economic benefits for the region and the state."
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