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In 2005, Penn National acquired Argosy Gaming Company for $1.4 billion plus $791 million in assumed debt, adding five casinos and one horse track to its portfolio (not including the Argosy Baton Rouge, which was quickly sold to satisfy antitrust concerns). The company planned to rebrand its other properties under the Hollywood Casino name. The acquisition, which doubled Penn National's revenues, was part of a continuing strategy to shift away from the horse racing business and into the casino business. for $328 million plus $360 million in assumed debt, gaining three casinos in Aurora, Illinois Tunica, Mississippi and Shreveport, Louisiana. In 2003, Penn National bought Hollywood Casino Corp. Next, in 2002, it bought the Bullwhackers Casino in Black Hawk, Colorado from the Hilton Group for $6.5 million. This was followed in 2001 by the acquisition of Carnival Resorts & Casinos, including ownership of Casino Rouge in Baton Rouge, Louisiana and the management contract for Casino Rama in Ontario. Louis and Boomtown Biloxi from Pinnacle Entertainment for $201 million.
The company acquired its first standalone casino properties in 2000, buying Casino Magic Bay St. Penn National also won approval to begin offering slot machines at Charles Town in 1997. Penn National expanded beyond its first racetrack with the acquisitions of Pocono Downs in 1996, Charles Town Races in 1997, and, in 1999, a half interest in Freehold Raceway and the operations of Garden State Park. In May 1994, Penn National Gaming became a public company via an initial public offering on the Nasdaq, raising $18 million to pay down debt and fund construction of off-track betting parlors. Carlino, who had earlier managed Mountainview, was Penn National's first CEO, a position he held until 2013. PNRC Corp., which had been incorporated in 1982, was renamed as Penn National Gaming, with Mountainview and the Turf Club as its subsidiaries. The companies involved with Penn National Race Course were reorganized in 1994 in preparation for an initial public offering. The Turf Club continued to operate its own racing meet each year, now as a tenant of Carlino. In 1982, Carlino purchased Penn National Race Course from the financially struggling Turf Club. Reorganization and renaming to Penn National Gaming Starting in 1973, as a tenant of the Turf Club, Mountainview held 100 nights of racing there each year. After another unsuccessful season at The Meadows, Pitt Park changed its name to the Mountainview Thoroughbred Racing Association and moved to Penn National Race Course. Pitt Park lost half a million dollars in its first meet, leading its owners to sell the company to a group of investors, including Philadelphia insurance businessman Peter D. The first Pitt Park racing meet opened in 1971 at The Meadows, an existing harness racing track.
Pitt Park Raceway, meanwhile, was denied in its initial application, but received one of a second round of licenses issued in 1970. The complex included a motor speedway, which held its first races in 1971, and the horse track, which opened in 1972. The Turf Club was awarded one of the licenses, and soon began construction on Penn National Race Course. Two companies that later formed part of Penn National Gaming were founded in 1968 by groups seeking one of the four available racing licenses: Pitt Park Raceway, Inc., formed by several Erie area businessmen, and the Pennsylvania National Turf Club, established by a group of Central Pennsylvania investors. In 1967, Pennsylvania enacted a law allowing thoroughbred horse racing with parimutuel wagering. History Background and early history (1968–1994) Beginning: Pitt Park Raceway, Inc.
It also offers sports betting in 15 jurisdictions and online casino gaming in 5, under brands such as Barstool Sports and TheScore. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown.
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gaming.
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