Penn National Gaming, the owner of two racetracks and several casinos, will buy casino operator Hollywood Casino Inc. for $347 million, the companies announced Wednesday.

Hollywood Casino owns casinos in Illinois, Mississippi, and Louisiana. The deal will nearly double Penn National's revenues to $1 billion annually, a statement from the company said.

Penn National will pay $12.75 for each share of Hollywood Casino stock. The company will assume $569 in debt held by Hollywood Casino, and receive $136 million in cash, making the deal worth $780 million.

The Iowa Supreme Court has upheld a ruling that Prairie Meadows and two greyhound tracks in the state have been taxed unfairly, qualifying Prairie Meadows for a $50 million state tax refund, track officials estimate.

The court had earlier ruled that the state could not tax riverboat casinos and racetracks at different rates. Riverboat casinos are taxed at 20 percent, while Prairie and two greyhound tracks are taxed at 32 percent. That rate was scheduled to increase to 36 percent by 2004.

DEL MAR, Calif. - Buffythecenterfold is the filly everyone will have their eyes on in Saturday's $150,000 Sorrento Stakes at Del Mar.

Attempting to win her second stakes, and push her unbeaten record to three victories, Buffythecenterfold will be favored in the Grade 2 Sorrento Stakes, for 2-year-old fillies at 6 1/2 furlongs.

HENDERSON, Ky. - Although the name of the race sounds better than something like the Soybean Stakes, and more authentic than the Western Kentucky Derby, no one at Ellis Park seems able to come up with a good reason why the track's signature race is called the Gardenia Handicap.

Not that it matters, for these are far more relevant facts: $200,000 purse, solid field of fillies and mares, best race of the meet.

VANCOUVER, British Columbia - Buckeye Bates stands out over six other older horses in Saturday's feature race at Hastings Park, a 6 1/2-furlong sprint for $20,000 claimers.

Buckeye Bates doesn't make it to the races very often - seven times in the last three years - but when he does he's tough to beat. He has won 5 of his 7 races and beat a very tough Mister Cy in a $25,000 sprint June 15. He's going for his fifth straight win and if he holds up he will likely get it.

EDMONTON, Alberta - Sweet Monarch will be out to reverse her narrow loss to Code's Decree in the July 20 Northlands Oaks when they meet in the $75,000 Sonoma Handicap here Saturday.

Sweet Monarch's determined rally fell just a neck short in of Code's Decree in the one-mile Oaks and the 3-year-old fillies will be traveling an additional half-furlong in the Sonoma.

AUBURN, Wash. - Lasting Light will attempt to take another step on the comeback trail in Saturday's best race at Emerald Downs, a one-mile allowance with a field of five accomplished fillies and mares.

OCEANPORT, N.J. - Without a true standout in the Grade 3, $100,000 Sapling at Monmouth on Saturday, the field is wide open for any of the eight 2-year-olds to jump up and stamp himself as a juvenile to watch in the late summer and fall. For bettors, the key angle will be figuring out how important experience is, because while several starters are already seasoned racehorses, two are still maidens and four more only hold one career win.

ARLINGTON HEIGHTS, Ill. - Had she run a jump faster on a mid-summer night in Des Moines, See How She Runs would be 6 for 6 and, perhaps, hailed as a rising star in the 3-year-old filly division.

Instead, Lost at Sea beat her a head in the Iowa Oaks, and when See How She Runs starts Saturday at Arlington in the Singapore Plate, she comes off a losing race for the first time in her career.

But trainer Donnie Von Hemel has no visions of redemption Saturday. "It's nothing like that," Von Hemel said. "I just feel like we've got a nice filly, same as before."

This year could be the last time the Oklahoma Derby, richest race of the 76-day Remington Park meet, which opens Saturday, is run on dirt. Officials are seriously considering moving the Grade 3, $250,000 race to turf for the first time next year. The date of the race could also be pushed back to September or early October.

"It's something we're going to take a good look at," said Fred Hutton, director of racing for Remington Park. "It would give us a whole different set of horses to deal with."