This year might not be a good year to some gaming companies but things are quite different with Penn National.
The latest deal of purchasing two gaming facilities in Mississippi for a whooping $44 million is sweet not only to the operator, who will make real money online casino gambling sites a better kick-start for the year but also for the employees and the host municipality.
Will Penn National Purchase Two Tunica Casinos?
As the name suggests, Penn National, which is based in the State of Pennsylvania will now be the proud owner of high-end gaming facilities of the newly-bought Resorts Casino Tunica and Bally’s Casino Tunica. These put together with Hollywood Casino, will enable the owner to enjoy the fruits of his hard labor.
With the three gaming facilities, Penn National will now be forced to add more employees to its budget, which is not a bad thing at all especially to the community surrounding the resorts.
Although the casinos had a value that is estimated to be $44 million, this is exclusive of the piece of land they are established on. Some confirmed sources indicate that the parcels of land cost twice as much as the casinos.
However, Penn National will now be liable of paying $9 million each year according the agreement that was signed.
In his statement about the new development, Timothy Wilmott who is the President and Chief Executive Officer to Penn National said that they are so excited about what they have been able to achieve and that they will utilize their new position to generate enough money for future projects.
“The acquisition is by far one of our dreams to expand. The two casinos, added to Hollywood will not only be of benefit to the company but also the municipal and community at large. It will also present to Penn National the opportunity to gain from a more centralized market as well as local management structure,” Wilmott said. Two Casino Projects Rejected In Tunica Mississippi By Gaming Commission As Section Feels Happy.
Inside The Properties
The purchase of Bally’s Casino will give Penn National mores space for business thanks to features like 947 slot machines, 40, 000 square feet gaming floor space, steakhouse, live entertainment venue, a café, which operates 24 hours, buffet restaurants, and 16 table games among other features, which many say that it was a good value of what they offered.
It should, however, be remembered that the gaming facilities were among many from the region which was hit by a recession in 2016. Because of the effects of the recession, a number of gaming facilities were forced to either shut or file for bankruptcy. However, with the new vigor, Penn National is optimistic.