TOPEKA | A casino planned for Kansas City, Kan. will generate $203 million in gambling revenues its first year, according to a consultant’s report released today.

The proposed Hollywood Casino, if approved by state regulators, will be built overlooking Turn 2 of the Kansas Speedway. It will include slot machines, table games, and ultimately a resort-style hotel.

The development is a joint partnership of the owners of the Kansas Speedway and Penn National Gaming, who say the casino could open as early as January 2012.

State regulators reviewing the proposal ordered a series of reports examining the feasibility of the project and its projected revenue and economic impact. The consultants looked at trends in the gambling industry, the recent downturn in gambling profits, and the local market before coming up with their conclusions.

In 2013, used as the first full year of casino operations, the Hollywood is projected to generate $203 million in revenues, according to one. Revenue would jump to $261 million a year when the second phase of construction – including the 250-room hotel - is completed.

In their own projections, the developers had estimated first-year revenue of $220 million, and $326 million when the hotel is completed. State and local governments will get a share of the revenue from the facility.

A second consultant reported that construction of the project will produce $215 million in economic impact for the region and create nearly 1,900 jobs.

And a third consultant hired by the state concluded that Penn National and the Speedway have the necessary cash to pay for the project without financing. And should they require financing to complete the $700 million project, they should be able to secure it, the consultant reported.

The state’s Lottery Gaming Facilities Review Board, which reviewed the reports Monday, is set to vote on the Hollywood casino proposal in December.