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Article: Penn National Gaming to acquire Pocono Downs.
- Article from:
- Business Wire
- Article date:
- September 16, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WYOMISSING, Pa.--(BUSINESS WIRE)--Sept. 16, 1996--
Acquisition will be earnings additive, offers further off-track
wagering expansion opportunities and leverages Penn National's
pari-mutuel and OTW operating skills
Company adjusts third quarter earnings expectations
Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has entered into a definitive agreement to acquire Pocono Downs Inc., the owner of the Pocono Downs standardbred horse racing facility and two off-track wagering (OTW) facilities for $47 million.
Pocono Downs is authorized to operate five OTW facilities in Pennsylvania. Penn National intends to finance ...