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StumblePenn National Gaming gets final approval in Nevada
Thursday, June 17, 2010 | 1:31 p.m.
CARSON CITY – Penn National Gaming has gained a small foot in the door in Nevada and is looking for opportunities to expand in the casino business.
The Nevada Gaming Commission gave final approval Thursday to Penn to buy 1 percent in Nevada Slots & Supplies, a slot machine distributing company in Las Vegas.
Peter M. Carlino, chief executive officer and chairman of Penn, said this gives the company the ability “to move quickly if we see the right opportunity.”
Now licensed, it would not have to go through another extensive background investigation by the state Gaming Control Board if it bought another business.
Carlino told the commission he “didn’t see things getting better but they are not getting worse” in the gambling business. He said the business was off 10-12 percent compared to before the national economic downturn.
Penn has 19 gaming and horse racing facilities in 15 states. It will open a new casino in Maryland in September. It will break ground in Kansas this year for a gaming enterprise and it has received two licenses to operate casinos in Ohio.
The company has 15,000 employees. When its plans are completed the company will be licensed in 18 states and Canada.
Asked about any problems with regulations in other states, Penn’s compliance chief Thomas N. Auriemma said it is serious in obeying the rules.
But he told the board about an $800,000 settlement in Illinois. In that state there is a list of “self-excluded” persons who have gambling problems. The company mistakenly direct mailed advertisements to these “self-excluded” persons promoting a casino.
The rule in Illinois is casinos may not market to these persons who put their names on the “self-excluded” list.
He said Penn is “largely non-union” but has some relationships with unions.
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do u think they will build a casino in las vegas or no
Build? No. Buy? Yes. There are and will be many properties that can be had at a discount in this troubled economy. One would have to be crazy to build in this environment. The Cosmopolitan is supposedly opening up, come December, and I wish them well, but...
i agree but with the cosmopolitan opening i think that is a good sighn for las vegas
Do you think they will make a bid on the station properties?
They are going to make a run at the station properties
They should buy The Lady Luck downtown.
Penn gaming is a small co and will not bid on any Las Vegas casinos. Hopefully Boyd doesn't buy any Station Casinos. We don't need a new Casino for 10 years. In the meantime we can implode a few. Too name a few Lady Luck ,Riviera , Ballys, Binions , and the Fiestas!
have alot of experience with penn gaming back east, they run a good ship, would like to see them start out buying a locals casino, thats their niche. their casinos are always well kept. good luck penn gaming
Good Company!
Here's hoping they win the Rio sweepstakes!
As long as they are firm believers in player's odds blackjack, loose slots, great comps for the nickel players and glad handing the buffet buyers, they should do well.
They wouldn't build or buy here if theye were smart. They have exclusive gaming rights in Ohio and a few other virgin gambling grouds in the midwest. In time they might buy something, only after they've sucked the cash out of midwesterners first.
Yeah, PNG is such a small company... you don't know what you're talking about.
WE were just at Hollywood in Tunica ms. It looks like they are going out of business. We have went there every year for the past 5 years as we have family in Memphis. The employees were always so upbeat, this time you could feel the tension in the air when you were on the floor.We always loved the diner in the middle of summer they are closed after 2pm for sit down service to go orders only. Tenders, wings, burgers. This was our fave place if they can't keep that open in the summer. They may as well close the joint.We will go somewhere where we can sit donn and eat like normal people do. Hence HELLO SAMS TOWN