online craps casinos

Penn National to Own and Operate Texas Pari-Mutuel Facilities

Posted on April 14th, 2011

News Sponsored by Go Casino

Rated 5 Stars by crapsonline.com

Read Review

Visit Casino

Download Software

————————————————

The most recent ruling by the Texas Gaming Commission to approve the application by Penn National Gaming and Sam Houston Race Park for a joint investment regarding the ownership and operation of three pari-mutuel facilities in Texas is heralding the beginning of new era in gambling in the lone star state. The application details the arrangement between Penn National and Sam Houston Race Park to enter into a 50/50 venture to own and operate the Valley Race Park in Harlingen, Texas, Sam Houston Race Park in Houston, Texas and a third planned racetrack in Laredo, Texas.

The agreement calls for Penn National Gaming to acquire a 50 percent stake in the joint venture making it the sole owner of the three facilities as well as gaining additional option to purchase 135 acres of land at the planned facility in Laredo as well as interests on 323 acres of Sam Houston Race Park plus another 85 acres at Valley Race Park. Should Penn persuade the normally tough Texas legislature to allow for the expansion of gambling operations paving the way for slot machines in Texas, it would provide another huge breakthrough that could potential shift the dynamics of the gambling industry in the area. Currently, Texas commands a huge following of willing gamblers who need to cross the border to Louisiana and Oklahoma in order to get their gambling fix due to the tough and limited opportunities in the Lone Star state.

Said Peter M. Carlino, the Chief Executive Officer at Penn National, “Penn National is the nation’s largest owner, operator and investor in pari-mutuel racing operations. We expect to leverage this extensive expertise as we work collaboratively with Sam Houston Race Park and our joint venture partner to strengthen and enhance existing operations and pursue other opportunities, including the potential for adding slot machines at existing Texas pari-mutuel facilities in order to maximize the overall value of the business.” Carlino also touched on the perceived change in the mindset of many Texans pertaining to gambling. Where before, the state is pretty resistant to gambling proposals, now more and more Texans are open to the idea of more gaming opportunities instead of losing the potential for tax revenues to neighboring states.

Shawn Hurwitz, the Chief Executive Officer for Sam Houston Race Park expressed delight at the chance to work with an established name in the gambling business. “We are pleased to begin this important partnership with Penn National Gaming, an industry leader with racing and gaming expertise.” Hurwitz hopes that combining the expertise and name of the two established industry leaders will pave the way for a revolution in Texas as well as support the local economy which is looking to bounce back from the effects of a tough recession. “Our goal is to reinvigorate Texas horseracing, an exciting sport that continues to contribute to our state’s economy. We are hopeful that providing slot machines at existing racetracks will be authorized so that we can bring back horse owners and horsemen who have left the state for other jurisdictions where slot machines at pari-mutuel facilities have helped produce larger purses and, perhaps most critically, we will then be able to create tens of thousands of jobs and generate much-needed revenue that can be made available to the state very quickly,” adds Hurwitz. He believes that Penn is exaactly the company to partner up with in order to expand their horizon.

Texas is a largely untapped economy with plenty more to offer in the gambling business. Penn hopes to use its extensive expertise in the gaming sector as leverage in order to promote gambling as an industry looking to gain growth in Texas. Nationwide, Penn will draw on its savvy acquired through management of collective assets that include 27,000 gaming machines, more than 500 gaming tables, more than 2,000 hotel rooms, over 1 million square feet of gaming space and a total of twenty-five facilities in seventeen states that includes Colorado, Illinois, Indiana, Iowa, Florida, Maine, Maryland, Louisiana, Missouri, New Jersey, Ohio, New Mexico, Mississippi, West Virginia, Ontario, Canada and now Texas.