Mon, May 12 2008
|
|
Published May 05, 2008 04:33 pm - The Kansas Lottery Commission on Monday approved Penn National Gaming’s contract to build and operate a state-owned casino in Cherokee County. The contract now goes to the Kansas Lottery Gaming Facility Review Board for its consideration. It is expected to vote on the contract during a meeting Aug. 21 and 22.  Lottery panel OKs Penn National contract w/ revised casino overview and contract excerpts By Roger McKinney rmckinney@joplinglobe.com The Kansas Lottery Commission on Monday approved Penn National Gaming’s contract to build and operate a state-owned casino in Cherokee County. The contract now goes to the Kansas Lottery Gaming Facility Review Board for its consideration. It is expected to vote on the contract during a meeting Aug. 21 and 22. The company plans to open its casino by May 5, 2010, about a mile north of the Interstate 44 exit leading to Baxter Springs and Galena. Penn National’s contract with the state allows it to invest $125 million in the casino project initially, plus a $25 million privilege fee to the state that is due in 29 days. By year three, the company would invest an additional $35 million, to be followed by $15 million in year five, $25 million in year 10 and $25 million in year 12. The company’s original application called for a $295 million casino and hotel, to be built at the same time. Company officials recently announced that they wanted to scale back and use a phased approach, because of competition from a casino and hotel the Quapaw Tribe is building nearby. The tribe’s $301 million Downstream Casino Resort is scheduled to open July 5. Penn National’s president had told The Kansas City Star that the company might abandon the project if the Lottery Commission didn’t allow it to phase in its investment. ‘We don’t like it’ Lottery Commissioner Bob Wunsch’s vote was: “Reluctantly, I say yes.” Keith Kocher, director of gambling facilities for the state lottery, said lottery officials were not pleased with Penn National’s scaled-back plan. “Plain and simple, we don’t like it,” Kocher said, but he added that the state law requiring a minimum $225 million investment doesn’t specifically state that it must be made all at once. “It’s not prohibited,” Kocher said. He warned companies making proposals in other zones under the state law not to attempt it. “For those thinking about the other zones, this isn’t going to fly, because there’s competition there (in Cherokee County),” Kocher said, noting that Penn National was the only applicant in the southeast zone, which takes in Cherokee and Crawford counties. “I think it’s a good contract, though maybe not the best we had hoped for,” said Ed Van Petten, Kansas Lottery director. 
![comment on this story](http://community.cnhi.com/eve/ubb.x?a=dl&f=55410432
&x_id=local_story_126163301.html&x_subject=<img+src="http://www.joplinglobeonline.com/images/zope/extra.gif"+border=0>+Lottery+panel+OKs+Penn+National+contract+<font+color="#ff0000">w/+revised+casino+overview+and+contract+excerpts+</font>+&x_link=http://www.joplinglobe.com/neo_sek/local_story_126163301.html)
•
Click to discuss this story with other readers on our forums.
More from the N.E.Okla. & S.E. Kan. section
Increased hotel space will boost Miami tourism, director of bureau says Area restaurant fined for state food-code violations Designs for Miami downtown project presented to public Miami council planning second hearing on flood-victim housing |
Print this story
E-mail this story
Post to del.icio.us
![Add a comment on this story](http://www.joplinglobeonline.com/zope/add_comment.php?section_id=neo_sek&story_id=local_story_126163301.html&headline=<img src="http://www.joplinglobeonline.com/images/zope/extra.gif" border=0> Lottery panel OKs Penn National contract <font color="#ff0000">w/ revised casino overview and contract excerpts </font> &portal_url=http://www.joplinglobe.com&portal=joplinglobe){kind=link}
 |
 |
 |
||||||||
|
||||||||
 |
The Joplin Globe Publishing Company 117 East Fourth Street, Joplin, MO 64801 Using our site is your agreement to the terms and conditions. News: news@joplinglobe.com • (417)623-3480 Advertise with the Joplin Globe Copyright © 2006 The Joplin Globe, Joplin, MO All rights reserved. |
Popular Business directory links - Joplin Apartments | Joplin Attorneys | Joplin Auto Dealers | Joplin Auto Parts | Joplin Auto Repair | Joplin Beauty Salons | Joplin Car Rental | Joplin Dentists | Joplin Doctors | Joplin Flowers | Joplin Hotels | Joplin Insurance | Joplin Loans | Joplin Mortgages | Joplin Movers | Joplin Pizza | Joplin Realtors | Joplin Restaurants | Joplin Storage | Joplin Tax Preparation | Joplin Travel | Joplin Featured | More...
|
|
Community Newspaper Holdings, Inc. • CNHI Classified Advertising Network • CNHI News Service 
|