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Pocono sold to Indians

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October 15, 2004 Send To A Friend  | Print View

Pocono Downs has been sold to the Mohegan Tribal Gaming Authority by Penn National Gaming, which had to divest itself of the track to satisfy the conditions of Pennsylvania's new slot machine legislation that stipulated that a company that holds 100 percent ownership in one track could hold no more than 33 percent ownership in a second site. Penn National also owns the Penn National Thoroughbred Racecourse.



The agreement calls for the Indian tribe to acquire the racetrack and five off-track betting parlors located in Pennyslvania. Penn National purchased Pocono Downs in 1996, with this transaction having a reported $280 million purchase price before adjustments, taxes and other costs, according to a press release issued by Penn National Gaming.

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