Penn National Reaches Agreement with Horsemen
WYOMISSING, Pa. -- Penn National Gaming Inc. has signed an agreement with the Ohio Horsemen’s Benevolent and Protective Association that covers all aspects of thoroughbred racing at Hollywood Gaming at Mahoning Valley Race Course under construction in Austintown, Ohio.
The signing formalizes an agreement first outlined by Penn National and the OHBPA at the February meeting of the Ohio State Racing Commission -- an agreement the commission characterized in a press release as “positive progress.”
“We are hopeful that with a signed contract now in hand, the commission will act at its next scheduled meeting this month to issue a racing permit and approve the 2014 racing dates we have applied for at Mahoning Valley,” said Christopher McErlean, Vice president of racing for Penn National.
Hollywood Gaming at Mahoning Valley Race Course is scheduled to open in the fall. Penn National has requested 21 live racing dates for the 2014 season at the one-mile track beginning Nov. 24. In addition to the race track, the facility includes an enclosed grandstand seating more than 1,000 and a video lottery terminal facility that will include approximately 850 VLTs at opening, plus restaurants, bars and other patron amenities.
The agreement covers the number of stalls to be constructed (988 in 13 barns), revenue sharing on proceeds from VLT revenues to boost race purses, approvals for simulcast of races originating at the track, a coordinated year round racing schedule with ThistleDown Racino and dormitory spaces for grooms working for horsemen at the track.
Penn National is investing $125 million in Hollywood Gaming at Mahoning Valley Race Course, exclusive of an additional $125 million in license and relocation fees required by the state of Ohio. Approximately 1,000 construction jobs will be created during the life of the construction process, and an additional 1,000 direct and indirect jobs are anticipated to be created once the facility opens.
SOURCE: Penn National Gaming Inc.
Published by The Business Journal, Youngstown, Ohio.
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