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By: Tim Seaman
tseaman@kcautv.com
Penn National Gaming shows off it's proposed Hollywood Casino proposals with business and community members on Tuesday. Before that, the companies Director of Public Affairs joined News Co-Anchor Tim Seaman for a one–on–one interview. He began by asking Karen Bailey why Penn National is proposing two projects. One in downtown Sioux City and the other in rural Woodbury County.
"We hear the community interest in downtown redevelopment. That's a big part of our downtown Sioux City project a $160 million dollar project in downtown. But if the state is more interested in a rural location we have that too. Both are feasible," said Bailey.
Seaman asked, "With the 2nd proposal being a rural proposal in Woodbury County but not in Sioux City, why would Sioux City people want to support that project ?"
"That's a great question," said Bailey. She continued, "And I think both are going to have representative audiences so I think that people that have an interest and opinion in these proposals, one side or the other, downtown or county, the IRGC and state have the mechanism for them to comment their feelings on that."
Both Hollywood Casino's would be built in totally new facilities. Seaman asked Bailey if the company considered the use of a pre-exsisting building like the 2 other developers.
"We looked as some of the buildings over the course of the years. Actually some were examined but going back to the business model we know is successful and the single floor casino for amenity access is something that is essential to the success. Not to take away from the other proposals but we have a model that works. Things like ventilation and high ceilings. Not to retrofit to historic structures, we think overall, is a benefit to the customer experience and gaming revenue we're capturing for both the community and the state," said Bailey.
Penn National's revenue projections are in line with it's competitors. But unlike those other proposals, Penn National turned down city financing for it's projects and plans to finance them on it's own without local partners. Something some have voiced concerns about.
Bailey said, "Look at our track record. Have we reinvested in the community and in our facilities? Yes we have. We also have invested in our employees. I think that's a misnomer when people say all the money is going out of town. It's not. It goes back to shareholders and is reinvested in the community as well as our employees."
With a new dock lease agreement with the city in the works for it's Argosy Casino, Bailey told Seaman Penn National is looking forward and not back and is excited about what may lie ahead.
"At the end of the day we've still put forth the best proposal the biggest investment out of all 3 proposals, $160 million in downtown and $167 million in the county. And the fact that it's fully funded and not dependent on public substitutes," said Bailey.
