Penn National Gaming (PNG) has secured final approval from the Maryland Lottery and Gaming Control Commission to proceed with its acquisition of the operations of Hollywood Casino Perryville in the US state.
In December, PNG brokered a deal worth $31.1m to purchase the casino’s operations, with this subject to certain customary working capital adjustments.
The agreement also included a clause for PNG to enter into a lease with the owner of the casino property, Gaming and Leisure Properties (GLPI), for the real estate assets associated with the casino facility. Under the deal, annual rent is set at approximately $7.8m.
The transaction is expected to close in mid-2021.
“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 already leading nationwide footprint,” PNG president and chief executive Jay Snowden said.
The approval comes after Maryland Governor Larry Hogan last week signed a bill authorizing sports betting and fantasy sports in the state. Snowden said PNG would now see to roll out its online sports wagering services in Maryland through the Barstool brand.
“This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sports book and mobile app,” he said.