Penn National Gaming (PNG) has completed its acquisition of the operations of Hollywood Casino Perryville in Maryland in a deal worth $31.1m.
In December, PNG struck a deal with real estate investment trust (REIT) Gaming and Leisure Properties (GLPI) to acquire the casino operations in cash. The Maryland Lottery and Gaming Control Commission gave its approval to the transaction in May.
The deal also included a lease agreement with GLPI, for the real estate assets associated with the facility, with annual rent to be set at approximately $7.8m.
“Penn National is excited to re-enter the strong Maryland gaming market and to once again operate Hollywood Casino Perryville, a property we developed in 2010,” PNG president and chief executive Jay Snowden said.
“Today’s acquisition of the operations of Hollywood Casino Perryville adds a twentieth gaming jurisdiction to our leading nationwide footprint.”
In relation to the acquisition, PNG has appointed Allie Evangelista as general manager of Hollywood Casino Perryville. Evangelista was most recently general manager at PNG’s Hollywood Gaming at Mahoning Valley Race Course in Ohio.
Matt Heiskell, currently general manager of Hollywood Casino Perryville, will now oversee operations at PNG’s Hollywood Casino Tunica and 1st Jackpot Casino in Mississippi.
“We are thrilled to welcome both new and former team members to the Penn National family and look forward to hitting the ground running in what promises to be an exciting time following the recent legalization of sports wagering in Maryland,” Snowden said.
“This acquisition provides yet another opportunity for Penn National to expand our unique omni-channel platform as we expect to introduce a Barstool Sportsbook-branded retail sportsbook at Hollywood Casino Perryville and mobile app to players across Maryland.”