PRESS RELEASE
April 05, 2013
Penn National Gaming, Inc. (PENN) announced today that one of its wholly-owned
subsidiaries and the Jamul Indian Village ("the Tribe") have entered into
definitive agreements to jointly develop a Hollywood-branded casino and resort
on the Tribe's trust land in San Diego County, California. The proposed facility
is located approximately 20 miles east of downtown San Diego, right off Route
94.
The proposed $360 million development will include a three-story gaming and
entertainment facility of approximately 200,000 square feet featuring at least
1,700 slot machines, 50 live table games including poker, multiple restaurants,
bars and lounges and a partially enclosed parking structure with over 1,900
spaces. The proposed project will create an estimated 1,200 construction jobs
and up to 1,500 permanent jobs in the area. It is anticipated that construction
could commence late this year with an expected construction period of
approximately 24 months. Penn National may, under certain circumstances, provide
backstop financing to the Tribe in connection with the project and, upon
opening, Penn National will manage the casino and resort.
The agreements with Penn National will allow the Tribe to realize its vision for
revitalizing its six-acre reservation, while creating and supporting employment
opportunities. Ultimately, the newly-designed project will create jobs for the
local community in the Jamul and Dulzura areas, allow the Tribe to become
self-sufficient and enable it to share gaming revenue with local governments and
charities.
"The development and management of a Hollywood-branded casino and resort with
Executive Council Chairman Hunter and the Jamul Indian Village will deliver a
balance of economic benefits, environmental stewardship and social
responsibility," said Timothy Wilmott, President and Chief Operating Officer of
Penn National Gaming. "We look forward to a productive collaboration with the
Tribe that will benefit the community, the Tribe and Penn National."
"We are pleased to work closely with Penn National Gaming, a respected industry
leader that brings significant experience, energy and integrity to this
important project," said Tribal Executive Council Chairman Raymond Hunter. "Penn
National has a proven track record of development and operation of first-class
gaming facilities and its strong balance sheet is an asset to the project. Penn
National also shares the Tribe's focus on a development that is consistent with
the character of the Jamul area. In addition, the Company shares our commitment
to be respectful of environmental requirements and local processes inherent to
this project."
Earlier this year, after an extensive and comprehensive Tribal environmental
review process consistent with both the National Environmental Protection Act (NEPA)
and the California Environmental Quality Act (CEQA), the Tribe approved and
certified the project's Tribal Environmental Evaluation and Mitigation Plan and
is now working with State and County agencies to address potential environmental
impacts.
Lakes Entertainment, Inc., which until last year was working with the Tribe on
this project, remains a subordinated lender but has no further rights or
obligations with respect to the development process or facility management. The
agreements between Penn National and the Tribe have been filed with and are
subject to the National Indian Gaming Commission's review and approval.
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