In December, PNG brokered a deal worth $31.1m to purchase the casino’s operations, with this subject to certain customary working capital adjustments.
The agreement also included a clause for PNG to enter into a lease with the owner of the casino property, Gaming and Leisure Properties (GLPI), for the real estate assets associated with the casino facility. Under the deal, annual rent is set at approximately $7.8m.
The transaction is expected to close in mid-2021.
“We are thrilled to be re-entering the Maryland market at a property we developed in 2010 as it will add a 20th gaming jurisdiction to our already leading nationwide footprint,” PNG president and chief executive Jay Snowden said.