Penn National Gaming Boosts : West Virginia Table Gambling Bill Passes

Penn National Gaming could see a $1-$3 billion increase in share value as a result of a new law that passed the West Virginia state senate Tuesday. The bill will allow for table games to be added to racetracks in counties where racetracks already exist.

Penn National has a racetrack in Charles Town which already operates slots and is considered the biggest and best casino in West Virginia. The addition of table games could make the casino one of the best in the entire eastern United States depending on Penn's plans of expansion.

Currently, Penn National has reported that it would invest more than $200 million to adding better property facilities, such as parking garages and a hotel. A 150 room inn is already in the plans, but with the passing of the bill the expansion could be much larger.

The West Virginia bill, though, still faces hurdles. The senate adjusted the language that was sent to them from the house. In the version previously passed by the House, 6 percent of the racetracks' gross profits from table gambling would have gone to the prize purse fund at the tracks. The Senate dropped this figure to 2 percent, and redirected 4 percent of this money to counties and local municipalities.

The rewording of the bill now has to get re-approved by the House and then the governor has to sign it into law. However, all of those plans are expected to occur.

Once the law is passed there are still more hurdles. Each county that hosts a racetrack must first vote on whether to allow table games at their facilities. That too, is not considered to be an issue, but these are steps that must take place before any table games will be implemented in West Virginia.

March 6, 2007
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!