Penn National

Pennsylvania's Governor Wolf hosts a radio show in which he answers questions from his constituency. I sent the following question, which he failed to address. "Dear Governor Wolf, Have you thought about the potential ramifications of your proposal to raid the protected horse racing and breeding fund that you signed into law back in 2017? If so, how do you explain the loss of 20,000 jobs and an industry that has a $1.6-billion economic impact and contributes $68 million in taxes annually? Thank You." I would like everyone who loves...

A day after receiving the potentially devastating news that as much as 80% of the slots money that goes to purses in the state of Pennsylvania may be diverted elsewhere, leaders of the state's breeding industry began to plot a campaign that they hope will convince politicians that the industry must be protected. Tuesday, Pennsylvania Governor Tom Wolf unveiled a budget proposal which called for $204 million to be taken out of the Race Horse Development Fund and diverted to a program that would provide college scholarships for Pennsylvania residents....

Pennsylvania Governor Tom Wolf submitted his 2020-2021 budget Tuesday, which called for a massive cut in the amount of money that goes to horse racing from slots proceeds. Wolf is seeking to take $204 million away from the Race Horse Development Fund, which totals about $250 million. Such a move would prove devastating to racing and breeding industries, as slot money accounts for 88% of the total purses. "This scheme would destroy an industry that provides a $1.6-billion economic impact and supports an estimated 16,000 to 23,000 jobs in the...

Penn National Gaming, Inc. has entered into an agreement to acquire a 36% interest in Barstool Sports, Inc., a digital sports media company, for approximately $163 million in cash and convertible preferred stock. Under the agreement, Penn National will be Barstool Sports' exclusive gaming partner for up to 40 years and have the sole right to utilize the Barstool Sports brand for all of the company's online and retail sports betting and iCasino products. Penn National's initial investment for 36% of the equity of Barstool Sports is comprised of approximately...