Wyandotte County casino proposal gets approval - Tuesday 8th of December 2009

The Kansas Lottery Gaming Facility Review Board on Tuesday unanimously approved a roughly $700 million proposal for a Wyandotte County casino.

The contract now goes to the Kansas Racing and Gaming Commission for a background check, commission spokesman Mike Deines said. The commission has 70 days to complete the check, he said.

On Sept. 10, Penn National Gaming Inc. (Nasdaq: PENN) sought approval to buy The Cordish Co.’s 50 percent stake in Kansas Entertainment LLC. The other partner in Kansas Entertainment LLC is the Kansas Speedway, owned by International Speedway Corp. (Nasdaq: ISCA). Kansas Entertainment proposes a project that would include a casino, hotel, spa, convention center and entertainment/retail district.

Eric Schippers, senior vice president of public affairs for Penn Gaming, said in an interview that Penn effectively took Cordish’s place in Kansas Entertainment on Sept. 10. Penn’s payment for Cordish’s stake in Kansas Entertainment will change hands when the gaming license does, which is contingent on the Kansas Racing and Gaming Commission’s final approval.

In the partnership with Cordish, the facility had been slated to bear the Hard Rock brand. With Penn, the facility would have a Hollywood theme.

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