After months of delays, Kansas Entertainment LLC, a marriage of the casino expertise of Penn National Gaming Inc. (PENN) and the NASCAR attraction of Kansas Speedway, has been approved to build and operate a casino in Kansas City, Kansas.
Kansas gaming laws require that the property be owned by the Kansas Lottery. The operators must then be approved under the Kansas Expanded Lottery Act and be licensed by the Racing and Gaming Commission.
Penn National joined forces with International Speedway Corp. after acquiring the 50 percent stake in Kansas Entertainment held by The Cordish Co.
Plans call for a $386 million Hollywood-themed casino to be located overlooking Turn 2 of the Kansas Speedway. The 100,000-square foot casino will have 2,300 slot machines and 86 table games.
Construction is expected to be completed in the first quarter of 2012.
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