Penn National Gaming Inc. announced today that it entered into a definitive agreement with Gaming and Leisure Properties, Inc. to acquire the operations of Hollywood Casino Perryville in Maryland for US$31.1m (£23m/€21m) 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.
“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.
“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.
The 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.