Business
Penn National Gaming Completes Acquisition of Hollywood Casino Perryville Operations
Accretive Acquisition Expands Penn National’s Regional Gaming and Omni-Channel Platform to 20th State WYOMISSING, Pa. & PERRYVILLE, Md.--(BUSINESS WIRE)--
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\nAccretive Acquisition Expands Penn National’s Regional Gaming and Omni-Channel Platform to 20th State\n\n WYOMISSING, Pa. & PERRYVILLE, Md.--(BUSINESS WIRE)--\n\nPenn National Gaming, Inc. (PENN: Nasdaq)(“Penn National” or the “Company”) announced today that it has completed the previously announced acquisition of the operations of Hollywood Casino Perryville in Maryland. In December 2020, the Company entered into a definitive agreement with Gaming and Leisure Properties, Inc. (GLPI: Nasdaq) (“GLPI”) to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash. Today, the Company entered into a lease with GLPI for the real estate assets associated with the facility, with annual rent of approximately $7.77 million. Penn National’s acquisition received final approval from the Maryland Lottery and Gaming Control Commission on May 27, 2021.\n\n“Penn National is excited to re-enter the strong Maryland gaming market and to once again operate Hollywood Casino Perryville, a property we developed in 2010. Today’s acquisition of the operations of Hollywood Casino Perryville adds a twentieth gaming jurisdiction to our leading nationwide footprint,” said Jay Snowden, President and CEO of Penn National.\n\nPenn National has named Allie Evangelista as General Manager of Hollywood Casino Perryville. Ms. Evangelista most recently served as General Manager at Penn National’s Hollywood Gaming at Mahoning Valley Race Course in Ohio. Matt Heiskell, current General Manager of Hollywood Casino Perryville, will now oversee operations at the Company’s Hollywood Casino Tunica and 1st Jackpot Casino in Mississippi.\n\n“We are thrilled to welcome both new and former Team Members to the Penn National family, and look forward to hitting the ground running in what promises to be an exciting time following the recent legalization of sports wagering in Maryland. This acquisition provides yet another opportunity for Penn National to expand our unique omni-channel platform as we expect to introduce a Barstool Sportsbook-branded retail sports book at Hollywood Casino Perryville and mobile app to players across Maryland,” concluded Mr. Snowden.\n\nAbout Penn National Gaming\n\nWith the nation's largest and most diversified regional gaming footprint, including 42 properties across 20 states, Penn National continues to evolve into a highly in...