Kansas Speedway has plans to partner with Penn Hollywood Kansas, Inc; a subsidiary of Penn National Gaming, to build a Hollywood themed casino next to the racetrack. Penn Hollywood Kansas is buying the Cordish Company’s 50% interest in a managing member of the $700 million resort.
The Speedway is located on Interstate 70 and Interstate 435 in Kansas City, Kansas. It was built in 1999 to 2000 and opened in 2001 and is supported by NASCAR and Indy Racing League. Kansas Speedway’s parent is International Speedway Corp. The track is a 1.5 tri-oval track that is suitable for many different types of racing. It seats 82,000 spectators that can be expanded to 150,000. There is parking for over 65,000 vehicles and parking is free.
The casino will overlook Turn 2 at the speedway and there is a resort hotel planned for the second phase of the project. Construction for the casino will begin in 2011 providing the project is approved. This will be the only casino in Wyandotte County in adherence to a 2007 state law that only allows one state-owned casino in the county.
Baltimore Based Cordish wanted to build a Hard Rock themed casino but decided to focus more on other projects that they say are more strategic. They are currently working on a stadium in the St. Louis area and other sporting venues. The planned Hollywood theme developed by the new partners is in correlation with other casinos it owns. They want to exemplify the golden era of Hollywood and have memorabilia that can be transferred from other casinos that are owned by them.
Before Penn Hollywood Kansas took over the project they had considered building a $385 million casino and hotel near Schlitterbahn Waterpark but the Speedway offers more opportunity. Kansas Speedway offers a venue that is already being patronized by many consumers and will be a good partnership. Owners of the water park do not have a big problem with the move of location as they feel a casino anywhere nearby will enhance their revenue.
A casino project was approved by Kansas Legislature in 2007 and they hoped that a casino would open soon after. Unfortunately the recession made that difficult and most applicants that had laid claim to building casinos pulled out. The state still holds interest in a casino within its borders and they will review the new plan entered by Penn Hollywood Kansas soon and approve the proposal in December. It is expected that this proposal will sail through with flying colors.
Penn Hollywood Kansas operates 19 other facilities across the United States and Canada and is a relatively stable company. They have a good financial position and are committed to providing economic benefits to the state of Kansas. If the proposal is selected the NASCAR Sprint Cup and a Grand-Am race will take place at the Speedway in order to celebrate.
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