Casino Contract Approved By Kansas Lottery Commission
Penn National Gaming Inc. had been looking for a way to phase their investment for a casino in Southeastern Kansas. The group was hoping the Kansas Lottery Commission would go along with their phasing request.
On Monday, the Commission approved a contract that will allow Penn to build a casino complex in Cherokee County. The deal still needs to be accepted by a review board.
Penn would build the casino complex that would also have a hotel. the company would also run the day to day operations of the complex. The Lottery Commission, however, would own the casino.
The deal that was made would allow Penn National to spread their $225 required investment over twelve years. They will also have to give the state between twenty two and twenty eight percent of the revenue generated from the casino.
Penn National is anchored out of Wyomissing, Pennsylvania. They have casino interests in other states, and now will run the casino in Kansas. If the review board agrees to the contract, Penn would then begin to build the facility.
The Commission was not particularly happy with the agreement to spread the investment over twelve years, but they felt it was the best deal they could get.
May 5, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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