US – Penn National Gaming cleared to buy Hollywood Casino PerryvilleBy Phil - 31 May 2021
Penn National Gaming has received final approval from the Maryland Lottery and Gaming Control Commission to acquire the operations of Hollywood Casino Perryville. Penn National entered into a definitive agreement with Gaming and Leisure Properties, in December 2020 to acquire the operations of Hollywood Casino Perryville for $31.1m in cash, subject to certain customary working capital adjustments.
Simultaneous with the closing of the transaction, Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility with annual rent of approximately $7.77 million.
“I want to thank the Commission and their staff for their time and effort in reviewing and approving our Company’s license to operate Hollywood Casino Perryville,” said Jay Snowden, President and CEO of Penn National. “We are thrilled to be re-entering the Maryland market at a property we developed in 2010 as it will add a twentieth gaming jurisdiction to our already leading nationwide footprint.
“In addition, we’re equally excited to be entering this market following the legalization of sports betting in Maryland a few weeks ago. This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sports book and mobile app,” concluded Mr. Snowden.
The transaction is expected to close in mid-2021, subject to customary closing conditions.