KANSAS CITY, Kan. -- Kansas Entertainment -- a joint venture between International Speedway Corp. and Penn National Gaming -- released a design concept for the Hollywood Casino at Kansas Speedway on Monday.

The new facility, which is scheduled to open in the first quarter of 2012, will overlook turn No. 2 at Kansas Speedway. Officials said the initial phase, budgeted at $386 million, would included a 100,000 square-foot casino floor with capacity for 2,300 slot machines and 86 gaming tables, a high-energy lounge and a variety of dining and entertainment options.

Additional project phases would include a hotel, expanded gaming space, a spa, convention center and an entertainment retail district have all been planned as well.

In addition to the Hollywood Casino at Kansas Speedway, International Speedway Corp. has committed to petitioning NASCAR for a second Sprint Cup Series race at Kansas Speedway and building a road course at the speedway.