Penn National buys stakes in Texas horse track

Penn National said its joint venture accord gives it 50 % stakes in the Sam Houston Race Park in Houston and Valley Race Park in Harlingen. It also will be part owner with Sam Houston Race Park’s owners in a horse track planned for Laredo.

Penn National also is developing a casino in Columbus and also looks to relocate a Columbus horse track to Dayton.

The company has a plan to move Beulah Park from Columbus to a former Delphi auto parts plant in Dayton that would represent a US$ 200 million investment and create 1,500 local jobs.

A recent DBJ poll shows a majority of people support bringing the track to Dayton.

In Texas, Penn National struck the deal in September as the prospect of slot machines at tracks moves closer to reality in the Lone Star State. The Texas push to install slots in an effort to generate revenue isn’t unlike efforts in Ohio that spurred Penn National to buy Beulah Park last year.

Penn National operates 22 gambling facilities in 16 states, overseeing more than 26,000 gaming machines, 500 table games and 2,000 hotel rooms. Its casino in Columbus is set to open on the city’s far west side in 2012.

The company competes against the likes of Churchill Downs, MI Developments, MTR Gaming Group, Las Vegas Sands, Wynn Resorts, MGM Resorts, Melco Crown Entertainment and Boyd Gaming.