Hollywood Casino at Kansas Speedway Misses 10th Deadline for Hotel
When Penn Entertainment was granted permission to grow what became its Hollywood Casino at NASCAR’s Kansas Speedway, it also sworn to build an conterminous hotel within 2 years. But 10 years and counting from that deadline, no more such hotel has materialized.
Instead, the developer has preferred to make up $13 jillion inwards fines, the penalty for missing 10 deadlines inward a row.
Kansas Entertainment LLC promised a hotel tower with at to the lowest degree 200 rooms below its 2009 concord with the Unified Government of Wyandotte County and KS City (WyCo & KCK). Kansas River Entertainment LLC is a reefer hazard betwixt Penn and International Speedway Corp., now component part of NASCAR.
In return, the externalise received STAR bonds from WyCo & KCK. This is a special funding tool that Kansas River municipalities tin issue for the developing of major commercial, entertainment, and tourism projects.
Delays and Fines
Under the agreement, mental synthesis on the hotel would begin within the endorse day of remembrance of the casino’s opening night (February 2014). If this did not occur, Sunflower State Entertainment LLC would pay 1% of the casino’s one-year clear gaming revenues to WyCo & KCK until the do work began, per the agreement.
Kansas Entertainment LLC initially said it hoped to bust strand on the hotel inward Oct 2014, but that was later revised to 2015, pending the results of an economic study.
Later that year, the developer proclaimed it would prorogue the hotel project, citing “soft economic conditions in the region, especially in the hotel market.”
Penn Plans Continue
Penn has said it monitors region occupancy rates and young hotel developments in the part and insists it “continues to explore various opportunities to build a hotel neighboring(a) to Hollywood Casino.”
“As constituent of that evaluation, we weigh the existing base and occupancy rates of neighboring and nearby hotels, as good as the marketing partnerships we have got developed with these businesses over the years,” Jeff Morris, Penn’s vice chair for public affairs and authorities relations, told The KS City Business Journal in conclusion year.
We are proud of the relationships we experience built inwards Wyandotte County since we opened inwards 2012, and looking frontward to building upon our success here for years to come,” he added.
For now, though, Kansas Entertainment LLC is cognitive content to maintain paying the fines, something Wyandotte County Administrator Jacques Louis David Johnston says they may live doing for some time.
“I suppose a lot of people had this misconception it was a 10-year window. No, this goes on, and it will block only if if they build,” President Johnson told the TV station Fox 4 this week.
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