Penn National Gaming

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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.

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.

Churchill to Repurchase Stock, Racing Stocks Down Overall

Churchill Downs' board of directors authorized the repurchase of up to 55,000 shares. The buy-back was authorized to help stablize the company's stock price and contribute to stablizing the market overall. Despite financial experts pleas to investors that they should not react to the terrorist attacks in New York and Washington D.C., the major stock markets sustained significant losses.

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.

Mountaineer Parent Has Plan For Erie Track

A new subsidiary of MTR Gaming Group, owner of Mountaineer Racetrack & Gaming Resort, has applied for a license to construct a Thoroughbred racetrack in Erie, Pa. Live racing hasn't been held in Erie since the late 1980s.

Shuttered Track's Revival May Be Tied to VLTs

Remember Tioga Park in New York's southern tier? If you don't, you're not alone. But the former Quarter Horse track is being shopped around as a potential investment in light of the fact the concept of video lottery terminals at racetracks is generating much discussion in the state legislature. Meanwhile, Gov. George Pataki said the VLT proposal would be considered.

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.

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