For the second straight day, cold temperatures hampered racing at New York's Aqueduct Racetrack, with live racing cancelled for Saturday. Meanwhile, jockeys at Laurel Park refused to ride Saturday's nine-race card and racing was also cancelled at Philadelphia Park and Penn National.
Penn National Gaming, Inc., announced Wednesday that it has entered into an agreement with Davric Maine Corporation and Scarborough Downs which grants Penn National Gaming an economic interest in and the exclusive rights to develop and operate any future gaming facilities that Scarborough Downs develops
At least five racetracks, including Aqueduct in New York and Laurel Park in Maryland, cancelled live racing Friday as a result of a snowstorm that hit the Northeast. Philadelphia Park and Penn National in Pennsylvania and Charles Town in West Virginia also cancelled live racing Friday.
A restriction on horses shipping into Philadelphia Park from Penn National due to three horses testing positive for equine herpesvirus type 1 (EHV-1) at Penn may be lifted early next week, officials for both Pennsylvania racetracks said Wednesday.
A small outbreak of equine herpes at Penn National Racecourse has prompted management of Philadelphia Park to bar horses shipping in to race as well as horses shipping out to "race and return" from the Grantville, Pa. oval.
Churchill Downs is one of 70 leading public and private companies asked to do a presentation before investors Wednesday morning at the 11th Annual CIBC World Markets Gaming, Lodging, and Leisure Conference in New York City.
Showboat Development has reportedly re-filed in Pennsylvania a lawsuit related to the operating rights of slot machines at Charles Town Races. A similar lawsuit filed in Nevada last year was dismissed Jan. 25 because of a lack of jurisdiction.
Penn National Gaming's public offering of 4 million shares will sell for $30.50 per share, the company announced today. The net proceeds of about $79.1 million from the offering will be used to repay debt.
Penn National reported a record fourth quarter Monday with revenue climbing 48.1% and net income jumping 105.2%. The Pennsylvania racetrack and casino company also announced it will be offering 2.5 million in additional shares of common stock, which should generate about $74 million. Another 1 million shares will be offered at the same time by the Carlino Family Trust.
Magna Entertainment stock hit a new 52-week high of $10.25 Friday morning. The Canadian racing conglomerate stock price has been on a steady march upward since mid-January when it was trading for around $7 per share. Churchill Downs and Penn National keep trading at a premium on the heels of a Bear Stearns report on account wagering.
Zippy Chippy extended his losing streak to 92 races Thursday night at Penn National when the 11-year-old Compliance gelding finished last of seven in a six-furlong maiden race. The Felix Monserrate trainee finished 20 1/2 lengths behind sixth-place finisher Dig That Jazz and nearly 33 lengths behind the winning Judge Me Ladies.
A Nevada court on Jan. 25 dismissed a lawsuit that attempted to label Charles Town Races as a casino and force racetrack owner Penn National Gaming to pay a management fee to a previous owner of the track. The suit, which was filed by Showboat Development, was dismissed on the grounds that case should be heard in West Virginia, where the track is located.
Penn National Gaming reported a 67.3% increase in revenue and a 52.5% increase in net income for the third quarter. In other news, the company is seeking dismissal of a lawsuit filed against Charles Town Races by Showboat Development over the rights to operate slot machines and video lottery terminals at the company's West Virginia racetrack. If the case is not dismissed, Penn National wants the case moved out of Nevada to a West Virginia court.
Penn National Gaming has agreed to purchase the assets of the Bullwhackers Casino operations from Colorado Gaming and Entertainment Co., a subsidiary of Hilton Group, for $6.5 million in cash. The Pennsylvania-based company already has gaming holdings in Louisiana and West Virginia.
Bill Bork, the longtime racetrack executive who spent much of his time in Pennsylvania, where he even helped get old Pitt Park off the ground, will retire as president of Penn National Gaming in May. Richard Orbann, president of soon-to-close Garden State Park and a top official with Pennwood Racing, will take over for Bork.
Zippy Chippy, the maiden who recently lost his 89th race at Penn National Race Course, will go up against a Standardbred pacer on March 17 at Freehold Raceway, a New Jersey harness track. Last year, Zippy Chippy lost a match race with a minor-league baseball player.
Zippy Chippy, owner-trainer Felix Monserrate's 10-year-old who is winless in 88 career starts, has been installed at 8-1 morning-line odds in his return Friday at Penn National Racecourse. The hapless horse is one of seven horses entered in the first race on the track's nine-race program that gets underway at 7:20 p.m. (EST).
Weather conditions forced five tracks -- Turfway Park, Hawthorne Race Course, Mountaineer Park, Charles Town, and Penn National Race Course -- to cancel racing again on Friday. Friday's cancellation marks the seventh time in just over a week Turfway has canceled racing due to weather and Hawthorne's fifth such cancellation. Charles Town, Mountaineer and Penn National each have lost all or part of three cards recently.
The U.S. attorney's office for the Middle District of Pennsylvania has announced that seven of nine individuals charged with fixing races at Penn National Racecourse have agreed to plead guilty to the charges.