US casino operator Penn National Gaming Incorporated today announced that it has received official regulatory approval to take over the management of the small property of Hollywood Casino Perryville in Maryland.
The Wyomissing-based company used an official Thursday press release to specify that approval from the Maryland Lottery and Gaming Control Commission was released after a final agreement was signed in December to take over the facility's operations from the former owner of Gaming and Leisure Properties Incorporated for 31.1 million. The company also revealed that the deal was intended to pay for an investment trust (REIT) that released approximately $ 7.7 million annually in rent in November 2013.
Jay Snowden serves as president and CEO Penn National Gaming Incorporated and used the press release to declare that his company now expects to finalize the acquisition of the ten-year-old Hollywood Casino Perryville this year " subject to customary closing conditions ". The boss also revealed that this move would allow the operator to add Maryland to its list of jurisdictions and take advantage of the state's recent decision to legalize sports betting.
Located in the northern part of Perryville, Maryland, 75,000 sq m of Hollywood Casino Perryville premiered Penn National Gaming Incorporated in September 2010 with a selection of 1,500 slots and twelve game tables and a private poker room. However, the Pennsylvania-based company donated the facility Cecil County down Gaming and Leisure Properties Incorporated just over three years later as part of a divestiture to give a newly independent entity control of 31 US Property.
Penn National Gaming Incorporated, which already operates land-based casinos in neighboring Pennsylvania and West Virginia, announced late last year that its acquisition of Hollywood Casino Perryville would allow it to take advantage of the November decision of Maryland voters to overwhelmingly pass Second question voting initiative. It's a move has legalized terrestrial and online sports betting and should now allow the operator, subject to the appropriate license, to deploy its multi-channel sports betting platform under the Barstool brand for use by enthusiasts located at The Old Line State.
Read Snowden's statement ...
“We are delighted to re-enter the Maryland market in the property we built in 2010 since will add up to 20 gaming jurisdictions to our already leading position in the country. Plus, we're just as excited to enter this market after Maryland's sports betting was legalized a few weeks ago. This acquisition presents another opportunity to extend our unique multi-channel platform with retail sports bookmaker under the brand name of a bar stool and a mobile application. "