Penn National Gaming files registration statement.WYOMISSING, Pa.--(BUSINESS WIRE)--Dec. 27, 1996--Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed offering of 2,300,000 shares of its Common Stock, of which 1,725,000 shares are to be sold by the Company and 575,000 shares are to be sold by certain selling shareholders. The offering of the Common Stock will be underwritten by a syndicate to be managed by Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Inc, Gerard Klauer Mattison & Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Jefferies & Company, Inc. The Company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the sale of the shares offered by it to repay indebtedness incurred in connection with the acquisition of Pocono Downs Racetrack outside Wilkes Barre, Pennsylvania and off-track wagering facilities in Allentown and Erie, Pennsylvania “Erie” redirects here. For other uses, see Erie (disambiguation). Erie (pronounced IPA: /ˈɪəri/) is a major industrial city on the shore of Lake Erie in the northwestern corner of the U.S. and to repay indebtedness to be incurred in connection with the acquisition of Charles Town Races. 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. owns, operates and conducts wagering at its Penn National Race Course
OTW Off The Wall OTW On the Way OTW On the Whole OTW Of The World (online TV network) OTW On The Web OTW Out the Window (display/graphics) OTW On The Water facilities in Allentown, Erie, Reading, Chambersburg, York, and Lancaster, Pennsylvania Lancaster, is a city in the South Central part of the Commonwealth of Pennsylvania and is the county seat of Lancaster County. With a population of 55,351,[1] it is the 8th largest city in Pennsylvania, behind Philadelphia, Pittsburgh, Allentown, Erie, Reading, . The Company recently received an approval from the Pennsylvania State Horse Racing Commission for its seventh OTW site near Williamsport, PA, and the facility is now under construction. Additionally, Penn National has filed an application for an eighth sixth site near Downingtown, PA. The Company also conducts wagering on thoroughbred and harness races simulcast from other racetracks and simulcasts its races for wagering at other racetracks and wagering facilities across the country. Through a joint venture, Penn National has agreed to purchase the Charles Town race track in Jefferson County, West Virginia. On November 5, Jefferson County voters approved a referendum permitting the installation of video lottery terminals at the track. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus relating to the offering may be obtained from Salomon Brothers Inc. CONTACT: Penn National Gaming Inc. Robert Ippolito, 610/373-2400 or Jaffoni & Collins Incorporated Joseph N. Jaffoni, 212/505-3015 jciir@aol.com |
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