Penn National Gaming Expands Pari-Mutuel Operations

Penn National closed on the pending purchase of Beulah Park from the Heartland Jockey Club this week, following last week’s approval from the Ohio State Racing Commission.

Now that Penn National owns Beulah Park as well as Raceway Park in Toledo and two pending casino projects in the state, the company has even more of an opportunity to benefit from the recent legalization of casino gambling. Penn National is hopeful that legislation will approve expanded gaming in the state with the legalization of video lottery terminals at Ohio’s seven racetracks.

According to Peter M. Carlino, Chief Executive Officer of Penn National the acquisition is “consistent with Penn National’s strategy of diversifying our pari-mutuel operations and presence in key markets with assets that can benefit from the placement of gaming devices.”

When the deal was announced earlier this year Carlino commented “We are excited to carry on the rich 86-year racing heritage of Beulah Park and further expand our nationwide portfolio of racing facilities which will now include seven pari-mutuel facilities.”

That total however, has been increased since Penn National also closed this week on a $26 million joint venture deal with MI Developments Inc for a stake in the Maryland Jockey Club. With the sale Penn will co own and operate racing operations at Laurel Park and Pimlico.