M&A

Penn National enters Maryland through Hollywood Casino deal

1 minute read
Penn National Gaming is to enter the Maryland market ahead of the introduction of legal sports betting in the state after agreeing a deal to acquire the operations of Hollywood Casino Perryville.

Under the terms of the $31.1m deal, Penn will enter into a lease with Gaming and Leisure Properties (GLPI) for the real estate assets associated with the 75,000 sq ft facility with annual rent of approximately $7.77m.

The transaction – which sees Penn expand into a 20th US state — is expected to close in mid-2021, subject to the approval of the Maryland Lottery and Gaming Control Commission and other customary closing conditions.

“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 20th gaming jurisdiction to our leading nationwide footprint,” said Jay Snowden, Penn’s president and chief executive.

“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.”

Read the full story on iGB North America.

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