Penn National approved for Kansas casino

LAS VEGAS, Nevada -- A joint venture casino project between Penn National Gaming and the owners of the Kansas Speedway was given final approval last week by the Kansas Racing and Gaming Commission.

The move will allow construction to begin later this year on a Hollywood-themed casino overlooking Turn 2 at the Kansas Speedway, which is located outside Kansas City in Wyandotte County. The project is expected to open in the first half of 2012.

The $386 million phase one development of Hollywood Casino at Kansas Speedway includes a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games. Plans also call for restaurants, a lounge and other entertainment options.

Future plans include a hotel, expanded gaming space, a spa, convention center and an entertainment retail district to Kansas Speedway. Penn National and International Speedway Corp. will equally share the full project development costs.

The project is expected to create 1,700 construction jobs and more than 1,000 full time jobs.

"Today's approval formally cements our role in the Wyandotte County community, and we are excited to begin working alongside our partner, International Speedway Corp., and with local businesses to construct a distinctive, first-class entertainment facility and destination resort," Penn National Chairman and Chief Executive Officer Peter Carlino said in a statement.