ARE.L Regulatory News (ARE)

7 Sep 2007 07:10

Arena Leisure PLC07 September 2007 Arena Leisure Plc ('Arena') Wolverhampton Racecourse - Planning Update No call-in by the Secretary of State Arena Leisure plc, the UK's largest operator of horseracing fixtures,has been informed that Wolverhampton City Council ('the Council') has receivedconfirmation from the Government Office for the West Midlands that the planningapplication it had resolved to approve in July 2007 for the redevelopment ofWolverhampton Racecourse will not be called-in for determination by theSecretary of State. As a consequence planning permission for the significant improvements atWolverhampton Racecourse has now been secured, subject to finalising legalagreements with the Council. These improvements include an expansion of the hotel from 54 to 170-bedrooms,the construction of a new conference, exhibition and banqueting suite, a newleisure facility including a swimming pool and the incorporation of a casinowithin the Racecourse, thereby creating the UK's first 'Racino'. The developmentwill cost an estimated £23 million. In January, the City of Wolverhampton was recommended as a location for a'small' casino by the Casino Advisory Panel. The Panel commented that: "if thecasino happens to end up at the racecourse it would add to its uniqueness andprovide an interesting and unusual social impact test". The Panel's recommendations require the endorsement of Parliament and this has been delayed by the issues surrounding the 'regional' casino. Arena is nevertheless reassured by the Secretary of State for Culture, Media and Sport's written statement in July 2007 that: "there was a clear consensus across all parties that the eight large and eight small casinos should be awarded to the authorities identified by the Panel". Should the City's casino application be successful, it is hoped that Wolverhampton Racecourse will be chosen as the best site. Mark Elliott, Chief Executive of Arena Leisure commented: "The development of Wolverhampton Racecourse, including the significantexpansion of the hotel, is an important part of Arena's strategy. "We are delighted that the Government Office for the West Midlands, on behalf ofthe Secretary of State, recognised that the proposed development ofWolverhampton Racecourse addressed the issues created by the Racecourse's GreenBelt location whilst, at the same time, helping to secure the long-term futureof the Racecourse by further enhancing its status as a leading racing,conferencing and leisure destination for the West Midlands region. - Ends - For further information: Arena Leisure PlcMark Elliott, Chief Executive 020 7632 2080 Bell Pottinger Corporate & FinancialDavid Rydell / Olly Scott 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange