When PENN Entertainment was granted permission to grow what became its Hollywood Casino at NASCAR’s Kansas Speedway, it also pledged to establish an contiguous hotel within II years.
But x years and counting from that deadline, no such hotel has materialized. Instead, the developer has preferred to compensate $13 gazillion in fines, the penalty for missing ten deadlines inward a row.
Dawdling on Hotel
Under its 2009 arrangement with the Unified Government of Wyandotte County and Kansas River City (WyCo & KCK), Kansas River Entertainment LLC (KE), a marijuana cigarette stake 'tween PENN and International Speedway Corp., at present division of NASCAR, promised a hotel tower with at least 200 rooms.
In return, the projection received STAR bonds from WyCo & KCK. This is a special financing tool that tin follow issued by Kaw River municipalities for the developing of major commercial, entertainment, and tourism projects.
Construction on the hotel would commence within the endorsement day of remembrance of the casino’s opening (February 2014), or KE would pay 1% of the casino’s one-year sack up gaming revenues to WyCo & KCK until the piece of work began, per the agreement.
KE initially said it hoped to disruption strand on the hotel inwards October 2014 but that was later revised to 2015, pending the results of an economic study. Later that year, the developer proclaimed it would table the hotel project, citing “soft economical conditions inward the region, especially inward the hotel market.”
Keep Paying the Fines
PENN has said it monitors surface area tenancy rates and new hotel developments in the part and insists it “continues to explore various opportunities to establish a hotel adjacent to Hollywood Casino.”
“As part of that evaluation, we look at the existing infrastructure and tenancy rates of neighboring and nearby hotels, as good as the marketing partnerships we have developed with these businesses over the years,” Jeff Morris, PENN’s vice chairman for public affairs and regime relations, told The Kansas City Business Journal endure year.
We are proud of the relationships we have got reinforced inward Wyandotte County since we opened inward 2012 and appear forwards to building upon our success hither for years to come,” he added.
For now, though, KE is mental object to stay fresh paying the fines, something Wyandotte County Administrator St. David Joseph Eggleston Johnston says they may follow doing for some time.
“I suppose a lot of people had this misconception it was a ten-year window. No, this goes on, and it will layover only if they build,” Lyndon Johnson told George Fox 4 this week.
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