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Penn National Gaming announced this week that they have entered into a definite agreement to purchase the Beulah Park racetrack in Grove City Ohio from Heartland Jockey Club Ltd.
The sale is expected to close in the second quarter of 2010 and is subject to a 45 day due diligence period and the approval of the Ohio State Racing Commission.
Peter M. Carlino, Chief Executive Officer of Penn National 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, 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.”
A spokesman for Penn National has said that the track will continue to be used for racing entertainment with no large scale investments being made at the track until the Video Lottery terminal vote passes.
The park includes a grandstand, outdoor paddock, a clubhouse lounge and four dining options.
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