Penn National Signs Option to Buy Land, Buildings from The Republican
SPRINGFIELD, Mass. (WGGB) – The owners of the area’s largest daily newspaper has signed an agreement to sell its property to one proposed Springfield casino developer, should that company be granted a license.
Will Keyser, spokesperson for Penn National Gaming, says that the casino company has signed an option to purchase agreement with Advance Publications, the parent company of The Republican Newspaper for the land and buildings the paper currently occupies along Main Street.
Penn National’s purchase and acquisition of the property, along with two other pieces of land west of the highway owned by the paper, is contingent on Penn National being getting one of the three possible casino licenses issued by the state, Keyser adds.
Financial terms of the agreement, which was signed Monday in New York, were not disclosed.
Penn National has proposed an $800 million Hollywood-branded resort casino across over a dozen acres of land in Springfield’s North End. The project would be developed in partnership with Springfield businessman Peter Picknelly, head of Peter Pan Bus Lines.
The agreement between the two companies includes financial consideration to help relocate The Republican’s staff and operations to another Springfield site.
Keyser says that no new location for The Republican has been selected yet.