enn National Gaming announced Thursday that it received final approval from the Maryland Lottery and Gaming Control Commission to acquire the operations of Hollywood Casino Perryville.
Penn National entered into a definitive agreement with Gaming and Leisure Properties in December 2020 to acquire the operations of Hollywood Casino Perryville 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.
The President and CEO of Penn National Jay Snowden, said: “I want to thank the Commission and their staff for their time and effort in reviewing and approving our Company’s license to operate Hollywood Casino Perryville. We are thrilled to be re-entering the Maryland market at a property we developed in 2010 as it will add a twentieth gaming jurisdiction to our already leading nationwide footprint."
"In addition, we’re equally excited to be entering this market following the legalization of sports betting in Maryland a few weeks ago. This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app,” concluded Snowden.
The transaction is expected to close in mid-2021, subject to customary closing conditions.