(USA) Wyomissing Company Builds Nationwide Gambling... -
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Published on: 3/29/2002
Last Visited: 12/9/2002
"With the purchase of Hollywood Casino, they are becoming a major casino operator," said George L. Smith, a gaming industry analyst with Davenport and Co.
"Chicago is one of the major casino markets in the country," Smith said.And after a $70 million expansion of the Hollywood Casino in Aurora, Ill., he said, "That is one of the best properties in the market."
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West Virginia legalized slot machines at race tracks a year later, and, Smith said, "The Charles Town property has just boomed."
The Western-themed casino -- with its bright lights in the northeastern tip of West Virginia just an hour's drive from Baltimore and less than 90 minutes from Washington, D.C. -- has expanded from an initial 400 slot machines to more than 2,500.
Revenues from the track and casino have shot up from $16.5 million in 1997 to $194 million last year."They've been met with very strong demand," Smith said.
While expanding Charles Town Raceway, Penn National was also using its new revenues to finance other acquisitions.And though still a major revenue producer, the "racino" has taken a back seat to the casino in the company's business.
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Smith said Penn National would move into the top 10 casino companies.