Penn National Gaming to Purchase Beulah Park in Ohio

Penn National Gaming, better known for the slot machine operations, announced Monday that it had entered into an agreement to purchase Beulah Park in Grove City, Ohio, from Heartland Jockey Club Ltd. Penn National's purchase of Beulah Park is expected to close in the second quarter of 2010, and will be subject to a 45-day due diligence period as well as the approval of the Ohio State Racing Commission.

Beulah Park, located just 7 miles south of Columbus, opened as Ohio's first thoroughbred racing facility in 1923. It includes approximately 210 acres and features live thoroughbred racing from October to May (122 days each racing season). The Park also offers simulcast wagering from a number of tracks across the U.S., and includes a grandstand, a clubhouse lounge, four dining options, and an outdoor paddock. During the summer, it also hosts live events including fairs and concerts.

Commenting on the agreement, Peter M. Carlino, CEO of Penn National Gaming, said:

"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, the most of any operator in the country. With ownership of Raceway Park in Toledo, this transaction will provide us another opportunity to benefit from the possible legalization of VLTs at the state's seven racetracks. We look forward to working with the local horsemen and the Ohio State Racing Commission to continue delivering both racing entertainment and a wide variety of summer attractions at Beulah Park."

Penn National is also developing casinos in both Toledo and Columbus, Ohio, which have openings targeted for the second half of 2012.