Clicky

Penn Nation Gaming to Acquire Hollywood Casino Perryville - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
Penn-National-Gaming-Inc
Published on
Update on

Renowned gaming and entertainment operator Penn National Gaming has recently made a huge announcement that resonates with its very ambitious expansion plans in the United States. The huge announcement pertains to a deal that the company has struck with Gaming and Leisure Properties to acquire the operations of the Hollywood Casino Perryville in Maryland. This is one of the casinos that Penn National developed about a decade ago and therefore the operator fully understands its value.

According to initial reports, the transaction price is going to be a whopping $31.1 million. This is, however, still subject to some customary working capital adjustments and regulatory approval.

In the Penn National press release, the company said that it would be entering into a lease with Gaming and Leisure Properties Inc. for all the real assets associated with the Hollywood Casino Perryville property. It will then be paying an annual rent of about $7.7 million. This property lease will have an initial 15-year term followed by the option of up to 4 5-year extensions.

Why Now?

The strategic location of the property aside, Penn National’s decision to purchase the property was also motivated by the recent legalization of sports betting in Maryland. Voters in the state are to thank for this development as they voted in the last election to allow the legalization of sports betting. Needless to say, this presents a unique opportunity for growth that Penn National was certainly not willing to pass up as it strives to extend its footprint even further across the United States.

“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 omnichannel platform with a Barstool-branded retail sportsbook and mobile app.”

Penn National President and CEO Jay Snowden.

Everything is already in motion with the acquisition deal likely to close sometime next year. There are still a few things that stand in the way and these include the necessary approval from the Maryland Lottery and Gaming Control Commission. Moreover, the parties will need to meet other customary closing conditions before the deal is able to close.

For gamers in Michigan, this is a pretty huge deal. Sports bettors, in particular, will certainly appreciate the arrival of the renowned Barstool Sportsbook brand which is already making waves in states like Pennsylvania where Penn National has a strong presence. With the overwhelming votes that were cast in favor of sports wagering, it is safe to say that Maryland also has a massive sports betting market.

Latest Headlines

PokerStars Pennsylvania Winter Series Returns on January 21

About a week ago, PokerStars and FOX Bet announced that the Winter Series would be returning on PokerStars PA beginning Thursday, January 21. The highly-acclaimed tournament series has been scheduled to run until January 31 and will feature a total of 45 fun and exciting events with guaranteed prize pools of up to a whopping […]

Some Pennsylvanian Casinos to Reopen on January 4

About a week into December 2020, authorities in the Keystone State ordered a three-week shutdown of all non-essential businesses amid a worrying surge in cases of COVID-19 infections. That state-mandated shutdown is coming to an end and it seems some of those businesses will be able to reopen their doors. On Wednesday Pennsylvania state Governor […]

Penn National Extends Barstool Sportsbook Footprint to Michigan and Indiana

Penn National Gaming has ended the year on a very high note through the launch of three Barstool Sportsbooks.  These launches are a great milestone in the Pennsylvania-based gaming company’s very ambitious expansion plans. Sports bettors in both states can therefore look forward to some very robust sports betting services going forward. Speaking on the […]

Pennsyl-MANIA Returns To PokerStars PA This Weekend

PokerStars Pennsylvania will be treating its customers in the state to some action-packed poker gaming thanks to the return of Pennsyl-MANIA, the largest poker tournament in the state. The event will be returning for the third time on Sunday, December 27 with a record-breaking guaranteed prize pool of a whopping $500,000. This is not only […]

Pennsylvania Records Lower Overall Gaming Revenue in November

Last week, the Pennsylvania Gaming Control Board (PGCB) released the revenue figures for the state’s gaming sector in November. 2020 has been a challenging year and thus it came as no surprise when the report revealed a year-over-year decline in gaming revenue. According to the gaming control board, in November the state’s gambling industry generated […]

Similar Stories in Gambling

Penn National Extends Barstool Sportsbook Footprint to Michigan and Indiana

Penn National Gaming has ended the year on a very high note through the launch of three Barstool Sportsbooks.  These launches are a great milestone in the Pennsylvania-based gaming company’s very ambitious expansion plans. Sports bettors in both states can therefore look forward to some very robust sports betting services going forward. Speaking on the […]

Pennsylvania Records Lower Overall Gaming Revenue in November

Last week, the Pennsylvania Gaming Control Board (PGCB) released the revenue figures for the state’s gaming sector in November. 2020 has been a challenging year and thus it came as no surprise when the report revealed a year-over-year decline in gaming revenue. According to the gaming control board, in November the state’s gambling industry generated […]

Blackhawk Network Launches Gift Cards for Sports Betting

Global branded payment provider Blackhawk Network Incorporated has made history with its launch of a new kind of gift card. Game On ™, the new gift card, is for use in the sports betting market. In addition to an extra layer of security and convenience, the card promises a smart and easy way for sports […]

BetMGM Announces Partnership with Pittsburgh Steelers

Ever since the federal ban on sports betting was lifted, there have been a ton of new developments in the sector. With more sports leagues and teams warming up to the idea of being a part of the industry, we have seen several team-ups that are set to push things even further. It was, therefore, […]