08/31/2010 3:48PM

Philadelphia Park becomes Parx Racing

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Philadelphia Park, a racetrack and casino in Bensalem, Pa., has changed its name to Parx Racing, according to the company’s website.

Although officials for the racetrack did not return phone calls on Tuesday afternoon, the change, which took place officially on Monday, aligns the racetrack’s name with a casino on the property that opened late in 2006. The casino, which generates hundreds of millions of dollars in revenue each year – an amount that dwarfs the revenue provided by racing – has 3,500 slot machines and, as of July, 57 table games such as blackjack and roulette.

In the latest fiscal year, which ended in June, gross gambling revenue at the Parx casino was $381.7 million, according to records maintained by state gambling regulators. Greenwood Racing, the owner of the track and casino, retained approximately $172 million of that figure, while horsemen received $45.8 million. According to a recent report prepared by the state racing commission, slot machines provide approximately 80 percent of the money distributed to Pennsylvania horsemen though purses.

The track has been called Philadelphia Park since 1984, when it was purchased by ITB Inc., and is abbreviated in past performances as “Pha.” Prior to 1984, the track was called Keystone Racetrack. Greenwood purchased the property in 1990.

The Parx name was adopted for the casino in the summer of 2009, and unveiled during a fireworks display spelling out the name.