Penn National gains approval to acquire Hollywood Casino Perryville

Penn National Gaming has received final approval from the Maryland Lottery and Gaming Control Commission, and can definitively acquire the operations of Hollywood Casino in Perryville.

Penn

In December 2020, Penn National reached an agreement with Gaming and Leisure Properties (GLPI) to acquire Hollywood Casino for $31.1m in cash.

Once the transaction closed, Penn National also agreed to enter into a lease with GLPI for the real estate assets associated with the casino, which has an annual rent of around $7.8m.

Thanks to approval from the Maryland Commission, the transaction is now expected to close in mid-2021, subject to customary closing conditions.

Penn National President and CEO, Jay Snowden, said: “I want to thank the Commission and their staff for their time and effort in reviewing and approving our company’s licence 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 20th gaming jurisdiction to our nationwide footprint."

The purchase also allows Penn National to enter Maryland's sports betting market, which was only recently legalised in Maryland.

Snowden added: "This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sports book and mobile app.”

Earlier this month, the operator published financial results that included Q1 revenue of $1.27bn, a 14% year-on-year growth.

Net income was also up to $90m, as opposed to a $608m loss for the corresponding period in 2020, with casinos coming to a total shutdown in March 2020 due to the Covid-19 pandemic.


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