Penn National

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Weather Disrupts Racing on East Coast

Weather Disrupts Racing on East Coast

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 Enters into Agreement on Gaming Operations in Maine

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

Snow Disrupts Racing in Northeast

Snow Disrupts Racing in Northeast

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.

Here and There

Bits and pieces from around the industry...

Officials Taking Caution With Equine Herpes Cases

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.

Suffolks Downs, Penn National Cancel Racing

Suffolk Downs was forced to cancel its live racing card on Saturday due to unsafe racing conditions caused by snow and rain from a storm that hit on Friday night and Saturday morning.

Penn National Opposes Card Tables in W. Va.

The owner of the Charles Town Races & Slots doesn't like the idea of adding table games to West Virginia's four racetracks, and Gov. Bob Wise isn't ready to embrace the idea either.

Stock Slump Drags Down Racing Stocks

Public companies with ties to Thoroughbred racing slumped from 1-20% Monday as the resignation of Tyco International's chairman and growing investor skepticism dragged down the entire market.

Churchill Downs Participating in National Gaming Conference

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 Re-Files Lawsuit Against Penn National

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.

Stock Offering to Raise $79.1 million for Penn National

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 Announces Record Fourth Quarter and Stock Offering

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 Stock Hits 52-Week High

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 30 Lengths Last at Penn National

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.

Penn National Suit Dismissed

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 Posts Strong Third Quarter

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 to Buy Colorado Casinos

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.

Penn National Stock Soars on Good News

Penn National's stock got a huge boost this week from a glowing first quarter earnings report and an announcement that it will soon close a deal involving casinos in Canada and Louisiana.

Penn National Gaming Prez to Retire in May

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 Returns at Penn National on Friday

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).

Five Tracks Cancel Friday Racing

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.

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