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04
June 2008
Gaming
Control Board Approves Ownership
Change For Hollywood
Casino
The
Pennsylvania Gaming Control Board
today approved the change of
control of the Category 1 Slots
Operator license held by
Mountainview Thoroughbred Racing
Association, owner of Hollywood
Casino
at Penn National Race Course in
Grantville, Dauphin County, to
PNG Acquisition
Company.
Under
the Pennsylvania Race Horse
Development and Gaming Act, the
Gaming Control Board has the duty
to protect the public through the
regulation and policing of all
activities involving gaming. The
Board must approve any change in
control of a slot machine
license.
The
approval came after the Board
reviewed testimony submitted at
an April 24, 2008 hearing where
Penn National Gaming Inc.,
Fortress Investment Group LLC and
Centerbridge Partners, L.P.
outlined their objectives for the
facility in Dauphin County,
Pennsylvania. The Board made the
ruling only after it was assured
that the Hollywood Casino at Penn
National Race Course's slots
operation is a valued undertaking
or process, and that the new
owners will strive to operate it
in a manner beneficial to both
the local community and the
citizens of the
Commonwealth.
"As
with any change of control, the
board reviews the proposal to
ensure it is in the best interest
of Pennsylvania citizens," said
PGCB Chairman Mary DiGiacomo
Colins. "Even with this approval,
you can be assured that we will
continually monitor the new
owners to ensure they follow
through with promises made to the
Board."
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