Penn National Gaming has been given the green light to finalise the acquisition of Hollywood Casino Perryville’s operations this week.
The announcement was made in a statement that said the agreement had obtained final approval from the Maryland Lottery and Gaming Control Commission.
In December 2020, the business signed a definitive deal with Gaming and Leisure Properties Inc to buy the Hollywood Casino Perryville operations for $31.1 million in cash, subject to usual working capital adjustments.
Penn National will engage into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility at the same time as the transaction closes, with an annual fee of approximately $7.77 million.
Re-entering the Maryland market
Penn National’s President and CEO, Jay Snowden, said: “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. 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 Snowden.
Subject to customary closing conditions, the transaction is scheduled to close in mid-2021.