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Threat To Scoop Penn National Licenses

Published: February 11, 2011 11:04 am ET

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According to a release, if Penn National Gaming goes forward and "abandons" the horse racing licenses for Raceway Park and Beulah Park, Mahoning Valley Development Group will aggressively pursue them.

Penn National Gaming yesterday announced a proposal that if the State of Ohio allows video lottery terminals at state racetracks, it will, in turn, close both Raceway Park and Beulah Park and open up two new racetracks in Austintown and Dayton, an estimated $400 million undertaking.

Later that same day, the Mahoning Valley Development Group announced that if the course of action is taken by Penn National, MVDG would "aggressively pursue the two horse racing licenses that Penn Gaming plans to abandon."

The MVDG release appears below in its entirety.

MVDG Plans to Bid for Racing Licenses to be Abandoned by Penn Gaming in Columbus and Toledo

The Mahoning Valley Development Group has announced plans to aggressively pursue the two horse racing licenses that Penn Gaming plans to abandon in Columbus and Toledo. This would be in addition to MVDG's quest to create an eighth racetrack in the Mahoning Valley.

"We fully believe that with the announcement today that Penn Gaming will be seeking to pursue harness and thoroughbred racing in Youngstown and Dayton, they will be required to proceed through a process with the Ohio Racing Commission to create two new licenses. We fully believe that the Ohio Racing laws do not allow for racing licenses to be moved to brand new geographic regions of our state. There is much ambiguity and lack of clarity in many of the regulations. It has been over 50 years since there has even been an application for a new racetrack. I'm certain that we are going to need clarity both legislatively and through our court system," said Rick Lertzman, Chairman of MVDG.

"However, we feel strongly that our group will seek the licenses that Penn Gaming has announced that they will abandon in Columbus and Toledo. We fully believe that this opens up a fresh opportunity to create two world class racetracks and potential Racinos in prime demographic markets with the strong possibility of adding VLT's (slot machines) to these facilities. This would strengthen the horse racing industry in Ohio which has been a major employer and industry in our state," continued Mr. Lertzman.

MVDG fully plans to continue to pursue a world class racetrack, resort and possible racino in the Mahoning Valley. "We feel strongly about Mahoning Valley Downs and its vast potential," said Matthew Lertzman, VP of Development for MVDG.

For More Information please contact Rick Lertzman at Mahoning Valley Development Group at 216 464 1300

(Mahoning Valley Development Group)

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