Penn Gaming in Expansion Mode - Analyst Blog
09 Abril 2013 - 1:35PM
Zacks
One of the wholly-owned subsidiaries of Penn National
Gaming Inc. (PENN) recently inked a development agreement
with the Jamul Indian Tribal Village to jointly set up a casino and
resort on the Tribe’s trust land in San Diego County, CA. The
property is expected to cost around $360 million.
The planned development will include a 200,000 square feet-and
three-storied gaming and entertainment facility, with at least
1,700 slot machines and 50 live table games including poker,
multiple restaurants, bars and lounges.
With a completion timeframe of approximately 24 months, the project
is anticipated to begin later this year. The project will create
significant job opportunities for the local people of that area.
Upon completion, Penn National will manage the casino and
resort.
Penn National Gaming presently operates twenty-nine facilities in
different states including Colorado, Florida, Illinois, Indiana,
Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri,
Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West
Virginia and Ontario. The latest property will further extend the
company’s geographical reach.
Penn Gaming is also exploring several other developmental
opportunities as the casino-operator submitted an application fee
to construct a casino in the north end of Springfield. Another
casino operator MGM Resorts International (MGM)
also remains committed to developing an $800 million-worth dining,
retail and entertainment destination in Massachusetts as the demand
for gambling in the state shows great opportunity.
Penn National boasts one of the strongest balance sheets in the
industry and remains an active developer in the industry. It is the
only casino operator in the country to have launched six new
facilities over the past five years.
Penn Gaming currently retains a Zacks Rank #4 (Sell). Other players
in the gaming industry, which look attractive at current levels
include MGM Resorts, Bally Technologies Inc. (BYI)
and Multimedia Games Inc. (MGAM) all carrying a
Zacks Rank #2 (Buy).
BALLY TECH INC (BYI): Free Stock Analysis Report
MULTIMEDIA GAME (MGAM): Free Stock Analysis Report
MGM RESORTS INT (MGM): Free Stock Analysis Report
PENN NATL GAMNG (PENN): Free Stock Analysis Report
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