Timothy J. Wilmott Named to Penn National Gaming Board of Directors
19 September 2014 - 9:00PM
Business Wire
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National
Gaming” or the “Company”) announced today that its Board of
Directors has, subject to customary regulatory approvals, appointed
the Company’s Chief Executive Officer, Timothy J. Wilmott, to the
Board effective immediately. Mr. Wilmott’s appointment will expand
the size of the Board to seven members, five of whom satisfy the
standards for director independence under the current Listing Rules
of the NASDAQ Stock Market.
Tim Wilmott joined Penn National Gaming in February 2008 as
President and Chief Operating Officer and was named Chief Executive
Officer in November 2013. Mr. Wilmott had served at Harrah’s
Entertainment (now Caesars Entertainment Corporation) since 1987
and was Chief Operating Officer at Harrah’s for approximately four
years. In this position, he oversaw the operations of all of
Harrah's revenue-generating businesses, including 48 casinos,
38,000 hotel rooms and 300 restaurants.
Peter M. Carlino, Chairman of Penn National Gaming, commented,
“Since joining the Company in 2008, Tim has been steadfast in
diversifying our operations in a return focused manner while
fostering our employees’ commitment to deliver quality guest
services across the property portfolio. In addition, in the eleven
months since we separated the Company’s real estate assets from our
operating assets, Tim has built formidable corporate and operating
management teams that have consistently delivered strong margins
from existing operations, successfully opened new facilities and
developed exciting expansion opportunities in new markets,
including Ohio, Massachusetts and California. The Board has great
confidence in Tim and we look forward to his contributions as we
leverage the Company’s diversified regional presence, proven
management team, property development capabilities, strong balance
sheet, acknowledged operating discipline, the highly regarded
Hollywood Casino brand, and robust customer database to enhance
shareholder value.”
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities with a focus on slot machine
entertainment. At June 30, 2014, the Company operated twenty-seven
facilities in eighteen jurisdictions, including Florida, Illinois,
Indiana, Iowa, Kansas, Maine, Massachusetts, Maryland, Mississippi,
Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania,
Texas, West Virginia, and Ontario. At June 30, 2014, in aggregate,
Penn National Gaming’s operated facilities featured approximately
30,900 gaming machines, 790 table games and 2,900 hotel rooms.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements can be identified by the use of forward
looking terminology such as “expects,” “believes,” “estimates,”
“intends,” “may,” “will,” “should,” “plan” or “anticipates,” or the
negative or other variation of these or similar words, or by
discussions of future events, strategies or risks and
uncertainties. Such forward looking statements are inherently
subject to risks, uncertainties and assumptions about Penn National
Gaming and its subsidiaries, including risks related to the
potential construction delays and, with respect to our projects in
Ohio, pending litigation involving the legality of video lottery
terminals at tracks, with respect to our project in Massachusetts,
the ultimate location of the other gaming facilities in the state
and the outcome of the referendum to repeal the gaming legislation
in the state and, with respect to our project outside of San Diego,
California, the risks of financing a project of this type,
sovereign immunity, local opposition and building a complex project
on a relatively small parcel. Accordingly, any forward looking
statements are qualified in their entirety by reference to the
factors described in Penn National Gaming’s Annual Report on Form
10-K for the year ended December 31, 2013, subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K as filed with
the Securities and Exchange Commission. All subsequent written and
oral forward looking statements attributable to Penn National
Gaming or persons acting on the Company’s behalf are expressly
qualified in their entirety by the cautionary statements included
in this press release. Penn National Gaming undertakes no
obligation to publicly update or revise any forward looking
statements contained or incorporated by reference herein, whether
as a result of new information, future events or otherwise, except
as required by law. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release may not occur.
Penn National Gaming, Inc.Saul V. Reibstein, 610-373-2400Chief
Financial OfficerorJCIRJoseph N. Jaffoni, Richard Land,
212-835-8500penn@jcir.com
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