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Penn gets regulatory seal of approval for $31.1M Hollywood Casino Perryville acquisition

Penn announced they have secured regulatory approval from the Maryland Lottery and Gaming Control Commission to acquire Hollywood Casino Perryville

On 27 May, Penn National Gaming announced they received the greenlight to acquire Hollywood Casino Perryville from the Maryland Lottery and Gaming Control Commission.

The news follows the land-based operator entering into a definitive agreement with Gaming and Leisure Properties, Inc. back in December 2020 to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash.

Jay Snowden, President and CEO of Penn National, shared his excitement in a statement: 

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 sports book and mobile app,

The transaction is forecasted to close in mid-2021, subject to customary closing conditions.

Source: Yahoo! Finance

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