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Penn National Gaming Company announced today that the company will re-enter the market in the state of Maryland, because she made a final agreement with real estate investment trust (REIT) Gaming and Leisure Properties (GLPI) to acquire the business Hollywood Casino Perryville.
"Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010 that will allow us to re-enter Maryland's strong gaming market and add a 20th gaming jurisdiction to our national leadership."
Jay Snowden, president and CEO of Penn National
Penn takes over operations, pays rent
Subject to customary working capital adjustments, upon closing of the transaction Penn will acquire the casino operations for $31.1 million in cash and will pay about $7.77 million rent per annum under a lease agreement signed with GLPI for properties related to Hollywood Casino Perryville.
Taking over operations in Hollywood Casino Perryville will expand Penn National's reach in the United States, bringing the total number of states in which the casino operator has a presence to 20. The closing of the transaction is subject to approval by state regulators Maryland Lottery and Gaming Commission, as well as other customary closing conditions, and is to occur in mid 2021.
Legalization of sports betting in the state of Maryland
Maryland was among the states whose residents voted in favor of various forms of gambling expansion along with presidential elections. In the referendum, the M arylanders overwhelmingly supported legalizing sports betting in the state, by legislators in motion to pass an appropriate sports betting law and establish a regulatory framework for the market.
"Furthermore, with the recent approval of sports betting through an 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 represents another opportunity to expand our unique multi-channel platform to include retail sports betting and the Barstool branded mobile app."
Jay Snowden, president and CEO of Penn National
In the case of GLPI, the conditional agreement confirms the business model adopted by the REIT, under which it owns properties and enters into leases with casino operators.
Earlier this month, GLPI entered into an agreement to operate another gaming-related facility it owns, a casino and hotel Belle of Baton Rouge in Louisiana, where the parent company of Illinois-based Casino Queen, CQ Holding Company...took over operations in the area. from Caesars Entertainment for an undisclosed fee.