Business
Penn National Gaming to Acquire Hollywood Casino Perryville Operations
Provides Company with Access to Upcoming Sports Betting Market in Maryland WYOMISSING, Pa.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (PENN: Nasdaq)
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"\nProvides Company with Access to Upcoming Sports Betting Market in Maryland\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that it entered into a definitive agreement with Gaming and Leisure Properties, Inc. (GLPI: Nasdaq) (“GLPI”) to acquire the operations of Hollywood Casino Perryville in Maryland for $31.1 million 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.\n\n“Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010, which will allow us to re-enter the strong Maryland gaming market and add a twentieth gaming jurisdiction to our leading nationwide footprint,” said Jay Snowden, President and CEO of Penn National.\n\n“In addition, with the recent approval of sports betting through the overwhelming passage of Question 2 on Election Day, Maryland is expected to soon become a significant retail and mobile sports betting market. As such, this acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app,” concluded Mr. Snowden.\n\nThe transaction is expected to close in mid-2021, subject to the approval of the Maryland Lottery and Gaming Control Commission and other customary closing conditions.\n\nAbout Penn National Gaming\n\nWith the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive\n\ndivision, Penn Interactive, operates retail sports betting across the Company's portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, ...