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Casino operator Penn National Gaming is suing its joint venture partner, Pennwood Racing in an attempt to open an off-track betting location.
The two companies are partners in the Freehold Raceway in Camden County New Jersey and have the right to open a betting facility nearby; however Penn is alleging that Pennwood directors appointed by partner Greenwood Racing Inc. are blocking development.
In the eight count lawsuit Penn cites multiple breaches of fiduciary duty by the three appointed Greenwood Racing, Inc., directors who sit on the Pennwood Racing board as well as anti-trust claims under federal and state laws.
Eric Schippers, Sr. Vice President of Public Affairs for Penn National Gaming, Inc., said of the suit, “Greenwood has consistently worked to delay and ultimately kill a project that they knew would compete against their wholly owned OTWs. As a result of their selfish actions, the State of New Jersey and Camden County have been denied important new tax revenues and the creation of new local jobs and economic development while New Jersey’s struggling horse racing industry is missing out on potential new revenue.”
Penn National is seeking an award of damages as well as an order directing Greenwood Racing directors to consent to the development of the Camden County betting location.
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