Archive for Thursday, October 22, 2009

Lottery board receives results from hired consultants

October 22, 2009

Gaming and financial consultants hired to advise the Lottery Gaming Facilities Review Board say the proposed Hollywood Casino at Kansas Speedway would generate more than $203 million in gaming revenues in 2013.

The consultant reports also estimate construction of the casino will produce $215 million in direct and indirect economic impact, while creating nearly 1,900 jobs. The estimated construction payroll is $49 million, with the total payroll for all jobs pegged at $78 million.

One of the consultant reports examined the ability of Penn National Gaming and International Speedway Corporation to finance the project. That report concludes the parent companies of the developers have the ability to pay cash for the entire project.

The Hollywood Casino at Kansas Speedway is proposed as a $700 million development when finished and will include the casino, a hotel, convention center, entertainment-retail area and a spa. The casino resort will be built on Turn 2 of the Kansas Speedway overlooking the race track.

The Lottery Gaming Facilities Review Board will go over the consultant studies and hear more presentations from the casino developers Oct. 26 in Topeka. The board is then set to vote on issuing a gaming license Dec. 1.

The casino and financial consultant reports can be found on the Kansas Racing and Gaming Commission Web site at krgc.ks.gov.

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