Penn, State Agree on $200M New Racetracks

COLUMBUS-Penn National Gaming Inc., based in Wyomissing, PA, has signed a temporary agreement with the state of Ohio to build two new Hollywood racetrack and video lottery facilities in Dayton, OH and Austintown, OH for about $200 million. The two new commercial real estate properties would replace the current Beulah Park in Grove City, OH and Raceway Park in Toledo, OH.

The agreement is included in a non-binding memorandum of understanding between the company and Gov. John Kasich. The deal is far from complete, as many conditions have to be met, including the state approving the 2,500 slot machines at racetracks, the resolution of litigation that challenges the terminals, and finalized agreements by the horse owner associations and the state lottery and racing commissions. Penn reportedly already owns the 125 acres in Dayton, and has an option on the Centerpointe Business Park property in Austintown.