PENN Entertainment is gambling that Georgia legislators will legalize casinos soon. The company has entered into a $20 million deal with the option to purchase a former JCPenney building at a mall in Macon. PENN would use the building for a potential casino.
The company’s Gaming and Leisure Properties subsidiary entered into the agreement with the Macon-Bibb County Urban Development Authority. The deal gives GLP up to 10 years to purchase the property, contingent on Georgia voters approving a constitutional amendment to legalize casinos.
GLP can exercise the purchase option within the next five years. Then, it could extend the agreement another five years for $500,000. As part of the deal, GLP will spend $2.5 million to demolish the building and make site improvements.
“We’ve always wanted to have a hotel on the site there,” Mayor Lester Miller told local media. “And of course … the state of Georgia has to determine whether or not they’re going to allow casinos.”
Lawmakers Take Another Look At Casinos
Those wishing to legalize casinos in the Peach State have been met with strong opposition. All previous efforts have failed. Gaming companies met with state officials in 2023 to study the issue, but little headway was made in the General Assembly.
Efforts appear to be underway again.
Senate Resolution 131 was introduced earlier this month proposing an amendment to the state constitution “for the operation and regulation of sports betting and casino gambling activities.”
Some in the state believe this year may be different, as legislators look to eliminate the state income tax and lower property taxes. Casino gaming may offer a new revenue source.
Neighboring states like Tennessee, Florida, Alabama, and North Carolina have all legalized sports betting or casino gaming. Miller sees the deal with PENN/GLP as a positive and believes the state could benefit from legalization.
“There are so many states across the United States that are legalizing casinos because basically we already have them in our communities anyway through sports betting and through machines in the stores,” Miller said.
