Penn National Gaming history

In 1982, Carlino purchased Penn National Race Course from the financially struggling Turf Club.

PNRC Corp., which had been incorporated in 1982, was renamed as Penn National Gaming, with Mountainview and the Turf Club as its subsidiaries.

In 1983, Penn found another way to reach out to its customers.

The companies involved with Penn National Race Course were reorganized in 1994 in preparation for an initial public offering.

As Penn approached the end of 1996, it had opened four of the six OTWs that it was allowed under state law.

In early 1996, the company had entered into a joint venture with Bryant Development Company of Sterling, Virginia, which held an option to purchase the Charles Town Race Track in Charles Town, West Virginia.

1997: Penn National acquires 89 percent ownership of the Charles Town Race Track in West Virginia.

In the fall of 1998, Penn purchased an existing OTW in Johnstown, the company's second facility to be located in the western half of the state.

Charles Town got an added boost in April 1999, when West Virginia passed legislation approving the use of the more traditional coin-out and reel spinning slot machines, in addition to the video machines that were currently in use.

Most notably, as of October 1999, the company had tentative plans to develop a harness racetrack and off-track facility near Memphis, Tennessee, pending a favorable ruling by the Supreme Court of Tennessee.

A half interest in Freehold Raceway and the operations of Garden State Park in 1999.

The early part of 1999 saw Penn National expanding into a new state.

Penn National finished up 1999 by laying the groundwork for further expansion.

1999: Company acquires 50 percent ownership in two New Jersey racetracks and enters into an agreement to purchase two Mississippi casinos.

Next came Carnival Resorts & Casinos, including ownership of Casino Rouge in Baton Rouge, Louisiana, and the management contract for Casino Rama in Ontario, Canada in 2001.

In 2003, Penn National bought Hollywood Casino Corp. for $328 million plus $360 million in assumed debt, gaining three casinos in Aurora, Illinois; Tunica, Mississippi; and Shreveport, Louisiana.

2005: The Park at Charles Town Races and Slots opens, bringing slot count to 4,400

Then came business disappointments beginning in 2006, the subject of Penn National History: Part 2.

An attempt in 2007 to take company private with a $6.1 billion buyout fell through for prospective buyers Fortress Investment Group and Centerbridge Partners.

One key property was the Hollywood Casino (pictured in lead image) that adjoined the original Penn National Race Course in 2008 in Grantville, PA. – less than 50 miles west of its Wyomissing headquarters.

A decade later, the track became Philadelphia Park, then was renamed Parx Racing and Casino in 2010.

In November 2012, Penn National announced a plan to spin off a new real estate investment trust (REIT) with ownership of most of its properties, in an effort to reduce taxes and cost of capital, and overcome license ownership restrictions.

2012: Penn buys Caesars Entertainment's Harrah's St Louis for $610 million

By March 2013, DeSanctis was out at Revel, his gaming career ended.

In July 2013, Penn National sold the Bullwhackers Casino to a local investor group.

The spin-off was completed on November 1, 2013, creating Gaming and Leisure Properties, Inc. (GLPI).

A son, Peter M. Carlino, oversaw the IPO, and he became CEO, a position he held until 2013, though he remained Penn’s chairman for years.

Rebranded as Ocean, the building did not reopen until the summer of 2018.

In 2019, Wilmott’s final year as the face of Penn, the stock price rose from $19.45 to end the year at $25.56.

In 2019, Penn National made two purchases in conjunction with Vici Properties.

The companies have had a strategic partnership since 2019.

The departures of Carlino, Wilmott, and other brass from their era allowed for a younger and hipper Jay Snowden to ascend in Penn leadership, which was quickly followed by the Barstool Sports buy-in early in 2020.