NEWS
Penn National buys Beulah Park
Posted: Monday, March 08, 2010 2:26 PM
Penn National Gaming Inc. has reached an agreement to purchase Beulah Park from Heartland Jockey Club and Charlie Ruma.
The deal is expected to close in the second quarter 2010 and is subject to a 45-day due diligence period and the approval of the Ohio State Racing Commission.
Penn National already owns Raceway Park harness track in Toledo, Ohio, and plans to develop freestanding casinos in both Toledo and Columbus. Beulah, which opened in Grove City, Ohio, in 1923, is seven miles south of downtown Columbus.
“We are excited to carry on the rich 86-year racing heritage of Beulah Park and further expand our nationwide portfolio of racing facilities which will now include seven pari-mutuel facilities, the most of any operator in the country,” said Peter Carlino, chief executive officer of Penn National Gaming. “With ownership of Raceway Park in Toledo, this transaction will provide us another opportunity to benefit from the possible legalization of [video lottery terminals] at the state’s seven racetracks. We look forward to working with the local horsemen and the Ohio State Racing Commission to continue delivering both racing entertainment and a wide variety of summer attractions at Beulah Park.”
Ruma entered into an ownership option with Penn National Gaming Inc. in 2006 in the event Beulah received approval for added gaming. Ohio Governor Ted Strickland submitted a plan last year for the state’s seven racetracks to offer video lottery terminals. Ruma filed a lawsuit in September contending Penn National breached the option agreement by failing to act within 60 days of the state’s approval for VLTs.
At the time, Ruma said Penn National declined to purchase the track for the price listed in the ownership option but did offer a lower price. Ruma also claimed Penn National violated the option agreement with its involvement in the freestanding casino in Columbus. The purchase agreement brings a settlement to that suit.
The Ohio Supreme Court later ruled that opponents of Strickland’s plan must be given the chance to gather signatures for a public referendum this year.
Ruma purchased Beulah in 1986.
