PA Gaming Control Board Approves Ownership Change For Hollywood Casino At Penn National
HARRISBURG: The Pennsylvania Gaming Control Board today approved the change of control of the Category 1 Slots Operator license held by Mountainview Thoroughbred Racing Association, owner of Hollywood Casino at Penn National Race Course in Grantville, Dauphin County, to PNG Acquisition Company.
Under the Pennsylvania Race Horse Development and Gaming Act, the Gaming Control Board has the duty to protect the public through the regulation and policing of all activities involving gaming. The Board must approve any change in control of a slot machine license.
The approval came after the Board reviewed testimony submitted at an April 24, 2008 hearing where Penn National Gaming Inc., Fortress Investment Group LLC and Centerbridge Partners, L.P. outlined their objectives for the facility in Dauphin County, Pennsylvania. The Board made the ruling only after it was assured that the Hollywood Casino at Penn National Race Course’s slots operation is a valued undertaking or process, and that the new owners will strive to operate it in a manner beneficial to both the local community and the citizens of the Commonwealth.
“As with any change of control, the board reviews the proposal to ensure it is in the best interest of Pennsylvania citizens,” said PGCB Chairman Mary DiGiacomo Colins. “Even with this approval, you can be assured that we will continually monitor the new owners to ensure they follow through with promises made to the Board.”
Colins added that the change of control demonstrates just how valued Pennsylvania casinos have become for investment potential and for their ability to generate revenue and tax dollars.
“This Board intends to make sure the new owners run a first rate facility that will generate revenue for property tax relief, the local hosting governments and the horse race industry, while providing economic development and living wage jobs in South Central Pennsylvania.”
In addition to the approval, PNG Acquisition Company must also pay the Commonwealth a $2.5 million license transfer fee. The sale is expected to be complete in June 2008.
For more information about the PA Gaming Control Board visit our website at http://www.pgcb.state.pa.us.