Penn National Gaming Subsidiary Expects to Close Proposed Purchase of Casino Rouge Real Estate Within Thirty Days.WYOMISSING, Pa. -- Will Purchase Land for $30.5 Million Settling All Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. With Lessor Purchase Will Result in One-time Pre-tax Settlement Charge of $28.2 Million or $0.20 Per Diluted Share After Tax in 2005 Second Quarter Penn National Gaming Penn National Gaming, Inc. NASDAQ: PENN is a diversified owner and operator of casino properties, as well as horse racetracks and associated off-track betting facilities primarily in the United States. , Inc. (PENN: Nasdaq) announced today that its subsidiary Louisiana Casino Cruises, Inc. ("LCCI LCCI London Chamber of Commerce LCCI Lahore Chamber of Commerce and Industry LCCI Liberal Catholic Church International LCCI Lambda Car Club International "), has satisfied substantially all of the conditions to closing related to its proposed purchase of the property on which Penn National's Casino Rouge conducts a significant portion of its dockside operations. As previously disclosed, LCCI agreed to purchase the property from the property lessor for $30.5 million subject to the satisfaction of certain real estate-related closing conditions. The real estate transaction will settle all outstanding legal claims between the parties and is expected to close within thirty days. As a result of the transaction, Penn National will record a one-time settlement charge of approximately $28.2 million pre-tax, or $0.20 per diluted share after tax in its 2005 second quarter. Penn National Gaming will release its 2005 second quarter financial results on Thursday, July 28, 2005 and will host a conference call and simultaneous webcast. About Penn National Gaming Penn National Gaming owns and operates casino and horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with facilities with a focus on slot machine entertainment. The Company presently operates eleven facilities in nine jurisdictions including West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn National's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. The company is currently in the process of completing the disposition of the Shreveport, Louisiana Hollywood Casino. In November 2004, Penn National Gaming agreed to acquire all of the outstanding shares of Argosy Gaming Company Argosy Gaming Company NYSE: AGY was an Alton, Illinois based casino operator. History The company began operations in September, 1991 with the opening of the Alton Belle Casino. In 2005, it merged with Penn National Gaming. , which it expects to complete in the second half of 2005. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may vary materially from expectations. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004. Meaningful factors which could cause actual results to differ from expectations described in this press release include, but are not limited to, risks related to the following: the passage of state, federal or local legislation that would expand, restrict, further tax or prevent gaming operations in the jurisdictions in which we do business; delays in obtaining regulatory approvals required to complete, or other delays in completing, the proposed acquisition of Argosy; our ability to successfully complete the transaction financing; our ability to complete the proposed acquisition of Argosy and to successfully integrate its operations; our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses. Furthermore, Penn does not intend to update publicly any forward-looking statements except as required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion