American casino firm Penn National Gaming Incorporated has announced the signing of a deal that is to see it spend $31.1 million so as to take over the running of operations inside Maryland’s small Hollywood Casino Perryville.
The Wyomissing-headquartered firm used an official Tuesday press release to proclaim that the arrangement with the Gaming and Leisure Properties Incorporated real estate investment trust (REIT) it spun off in November of 2013 is expected to close next summer ‘subject to the approval of the Maryland Lottery and Gaming Control Commission’ and also involves an annual rent commitment for the around 75,000 sq ft property of approximately $7.7 million.
Money-making motive:
Penn National Gaming Incorporated declared that the all-cash agreement is moreover ‘subject to certain customary working capital adjustments’ in addition to ‘customary closing conditions’ and will see it re-enter the Maryland land-based casino market so as to be able to exploit the eastern state’s recent decision to legalize sportsbetting.
Opportune return:
Jay Snowden serves as President and Chief Executive Officer for Penn National Gaming Incorporated, which already runs land-based casinos in the neighboring states of Pennsylvania and West Virginia, and he used the press release to explain that his firm initially opened Hollywood Casino Perryville in September of 2010 before handing it off to Gaming and Leisure Properties Incorporated a little over three years later.
Read a statement from Snowden…
“Penn National Gaming Incorporated is excited to acquire the operations of Hollywood Casino Perryville, which will allow us to re-enter the strong Maryland gaming market and add a 20th gaming jurisdiction to our leading nationwide footprint. In addition, with the recent approval of sportsbetting through the overwhelming passage of Question Two on election day, Maryland is expected to soon become a significant retail and mobile sportsbetting market. As such, this acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app.”
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