Penn National Gaming Incorporated has officially gained rights to Hollywood Casino Perryville. The firm announced this news on Thursday in a press release. Penn received the permit from the Maryland Lottery and Gaming Control Commission.
The Wyomissing-situated firm started by creating a definitive agreement with Gaming and Leisure Properties Incorporated in December 2020 to transfer ownership to Penn. One of the terms was to transfer operational ownership to Penn National Gaming Incorporated for $31.1 million.
Another publicized part of the agreement was for Penn to pay the Real Estate Investment Trust (REIT) that the former owner spun off in 2013. This means Penn will pay $7.7 million in rent every year. The consent by the Maryland Lottery and Gaming Control Commission allows Penn National to take over operations as soon as they are ready.
The President and Chief Executive Officer for Penn National Gaming Incorporated, Jay Snowden, used a press release to announce that his company is finalizing its takeover. Jay said the firm is expected to take over Hollywood casino Perryville before the year ends.
Penn National Gaming Incorporated gains a front to venture into sports betting in Maryland by taking over Maryland’s casino. This is a perfect opportunity for Penn’s business expansion in Maryland, especially after Maryland recently legalized sports betting.
Hollywood Casino is located in northern Maryland in the Perryville community. Penn National Gaming Incorporated launched the 75,000 square feet casino in September 2010. While opening, the casino had 1500 slot machines, 12 gaming tables, and one private poker room.
But, the Pennsylvania located firm transferred its ownership of the casino to Gaming and Leisure Properties Incorporated three years after launching. This transfer was part of a divestiture that allowed Penn National Gaming Inc. to concentrate on other 21 American properties.
Returning Big and Better
Penn National Gaming Inc. operates other brick-and-mortar casinos in the surrounding states, including West Virginia and Pennsylvania. In December, the firm announced its interest to take over Hollywood Casino Perryville. It also showed interest in taking advantage of Maryland’s voters’ decision to legalize sports betting.
The voters were asked in a referendum to vote for or against the Question Two ballot initiative. Luckily, they overwhelmingly voted yes to Question Two. This allows the legalization of land-based and online sports betting.
Penn will roll out its Barstool Omnichannel sports wagering forum once it gets the appropriate license. Penn’s president said that the firm was thrilled to reenter the Maryland market at a property the firm developed. With this new acquisition, Penn adds a 20th gaming jurisdiction to its profile.
Snowden also confirmed on Thursday that his firm was more excited as it is reentering Maryland at a time when Marylanders have legalized sports betting. The company will use the new opportunity to expand its omnichannel site with a barstool branded retail sportsbook and mobile app.
Penn is not slowing down, especially now that casinos are returning to full operations. At the beginning of May, Penn published its financial growth of 14 percent for Q1 year-on-year. It also had a $90 million net income as opposed to the $608 million loss it recorded in 2020 due to the COVID-19 pandemic.
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