Penn National Gaming, Inc enters into definitive agreement to purchase Beulah Park

Penn National Gaming Inc. said March 8 that it has entered into a definitive agreement to purchase Beulah Park in Grove City, Ohio.

Ohio racing industry sources said the sale was imminent.

Beulah Park, currently open for live Thoroughbred racing, is owned by Heartland Jockey Club, whose majority owner is developer Charles Ruma. PNGI said the purchase of Beulah Park is expected to close in the second quarter of 2010, and is subject to a 45-day due-diligence period and approval by the Ohio State Racing Commission.

The purchase price wasn’t revealed. Ruma previously sued PNGI over a deal involving the company’s option to purchases Beulah Park.

A release from PNGI indicated the company intends to continue live racing at Beulah Park and that it is interested in having racetrack gaming in the state.