A subsidiary of Penn National Gaming Incorporated is buying the Cordish Co.'s fifty percent stake and its role as a managing member in a planned $700 million gambling resort in Wyandotte County, Kansas.
Penn Hollywood Kansas Incorporated, Penn National Gaming's subsidiary, is now cooperating with Kansas Speedway on Hollywood-themed casino facility adjacent to the racing track. Cordish Co. is the Baltimore-based gaming developer collaborating with the Cardinals on constructing a Ballpark Village, a $550 million office, retail and entertainment complex planned next to the Busch Stadium in the downtown area of St. Louis.
The last step needed to finalize a package of subsidies for the Ballpark Village in St. Louis-which is the approval of the Missouri Development Finance Board-keeps getting set aside. The agenda on the MDFB meeting on September 8th, 2009 does not include the planned Ballpark Village.
The board of aldermen of St. Louis passed a package of incentives in January for up to $188 million for the project. State sign-off by the MDFB is the only remaining step to approve the project subsidies.
09/17/2009 22:20 PM