These excerpts taken from the PENN 10-K filed Feb 29, 2008.
22. Subsequent Event
On February 19, 2008, the Illinois Gaming Board resolved to allow the Company to retain the Empress Casino Hotel. Previously, in connection with its acquisition of Argosy, the Company entered into an agreement with the Illinois Gaming Board in which it agreed, in part, to enter into an agreement to divest the Empress Casino Hotel by December 31, 2006, which date was later extended to June 30, 2008, subject to the Company having the right to request that the Illinois Gaming Board review and reconsider the terms of the agreement.
22. Subsequent Event
On February 19, 2008, the Illinois Gaming Board resolved to allow the Company to retain the Empress Casino Hotel. Previously, in connection with its
This excerpt taken from the PENN 10-Q filed Aug 9, 2007.
13. Subsequent Event
On July 5, 2007, the Company announced that it had entered into a definitive agreement to purchase the Sanford-Orlando Kennel Club in Longwood, Florida from Sanford-Orlando Kennel Club, Inc. and Collins & Collins. In connection with the purchase agreement, the Company also secured a right of first refusal with respect to a majority stake in the Sarasota Kennel Club in Sarasota, Florida from Jack G. Collins, Sr. and members of his family. The purchase of the Sanford-Orlando Kennel Club is expected to close in the fourth quarter of 2007, and is subject to several customary conditions, including approval by Floridas Department of Business and Professional Regulation. The purchase price for the Sanford-Orlando Kennel Club contemplates additional consideration to be paid by the Company based upon certain future regulatory developments. Located on approximately 26 acres in Longwood, Florida, the Sanford-Orlando Kennel Club features year-round greyhound racing, a simulcast wagering facility, a clubhouse lounge and two dining areas.
This excerpt taken from the PENN 10-Q filed Aug 9, 2006.
15. Subsequent Event
On August 7, 2006, the Company entered into the Second Amendment to Purchase Agreement and Release of Claims (Amendment and Release) with the MTGA pertaining to the October 14, 2004 Purchase Agreement (the Purchase Agreement) pursuant to which the MTGA purchased The Downs Racing, Inc. and its subsidiaries from the Company. Under the Agreement and Release, the Company agreed to pay the MTGA an aggregate of $30 million over five years, beginning on the first anniversary of the commencement of slot operations at Mohegan Sun at Pocono Downs, in exchange for the MTGAs agreement to release various claims it raised against the Company under the Purchase Agreement and to terminate all post-closing termination rights it might have had under the Purchase Agreement. As a result of the Amendment and Release, the Company will record, in accordance with GAAP, a net book gain on the $250 million sale ($280 million initial price, less $30 million payable pursuant to the Amendment and Release) of The Downs Racing, Inc. and its subsidiaries to the MTGA of $111.6 million (net of $82.0 million of income taxes) during the three months ending September 30, 2006.