Saturday, April 6, 2013

Oh, Noos!

Looks like the Jamul Indian Tribe has secured another financier (and manager) for their casino project.  Penn National Gaming is the source.  Details are skimpy, but they do claim $360 million for development of a 200,000 square foot, three story facility.  They're claiming that construction will start later this year, and will take two years.  They are, of course, wrapping this up with claims of job creation (“up to”  1,200 construction jobs and 1,500 permanent jobs).

I'd never heard of Penn National Gaming, but a little quick searching reveals that they are a public company, traded on NASDAQ under the symbol PENN.  Their stock price is on a roll.  Market cap is $4.17B; revenues are approaching $3B/year – a significant company with lots of resources.  They are currently operating 29 gambling facilities.

Here we go again...

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