Penn National Greenlighted to Run Hollywood Casino Perryville

Spread the Word:

Penn National Gaming announced Thursday it has received final regulatory approval to acquire the operations of Hollywood Casino Perryville. It paves the way for the company to enter Maryland less than two weeks after sports betting was legalized in the state, and a few months ahead of an expected launch by NFL 2021.

The Pennsylvania-based casino company entered into a definitive agreement with Gaming and Leisure Properties in Dec. 2020 to acquire operations of Hollywood Casino Perryville for $31.1 million in cash, subject to certain customary working capital adjustments. The Maryland Lottery and Gaming Control commission’s approval comes nearly six months after the PNG-GLP agreement when it gave the final approval this week.

At the time of the announcement, it was also agreed that with the closing of the transaction, Penn National would also enter into a lease with the real estate investment trust company for the real estate assets associated with the acquired facility with an annual rent of roughly $7.77 million. The initial lease term would be 15 years, which could be extended to another 20 years.

Homecoming for Penn National

President and CEO of Penn National Jay Snowden thanked the commission and the staff for their time and effort in reviewing and approving PNG’s license to operate Hollywood Casino Perryville.

“We’re excited to be re-entering the Maryland market at a property we developed in 2010,” Snowden said while adding that the site would add a twentieth gaming jurisdiction.

In addition, Snowden said Penn National is equally thrilled to be entering the market at a crucial phase following the legalization of sports betting in Old Line State a few weeks ago.

 On May 18, Maryland Gov. Larry Hogan signed the sports betting bill into law ahead of an expected launch by fall 2021.

Snowden hopes the acquisition of the casino property would allow the company to expand its omnichannel platform with a Barstool-branded retail sportsbook and mobile app.

The transaction is expected to close in mid-2021.

Penn’s Quarterly Report

Earlier this month, Penn National released its first quarterly financial report, which included $1.27 billion in revenue, representing a 14% year-over-year growth.

At the time of the announcement of the Q1 report, Snowden said the company kicked off the year with record results in the opening quarter of 2021 from PNG’s land-based business and the launch of the Barstool Sportsbook app in Michigan and Illinois.

The casino operator also reported net incomes of up to $90 million, compared to a $608 million loss for the same period in 2020.

Hollywood Casino Perryville

Hollywood Casino Perryville was the first casino in Maryland when it was opened to the gamblers in Sep. 2010. The casino was built on property off Route 222, roughly three miles north of the center of Perryville.

The establishment was owned by Gaming and Leisure Properties, which initially was a subsidiary of Penn National Gaming. In 2013, the real estate investment trust was spun off from the parent company.

Related News

Maryland General Assembly
July 19, 2021

Maryland Regulators Approve New Sports Betting Guidelines

Last Thursday, the Maryland Lottery and Gaming Commission unanimously approved its drafted sports betting rules, keeping the state on track for a fall launch. The 228-page draft spells out how […]

read more
Maryland General Assembly
August 21, 2021

Maryland Sports Betting Launch Will Miss Start of Football Season

Despite the best efforts by regulators, Maryland sports betting will miss the start of the NFL season, according to a recent statement by Gov. Larry Hogan. On Monday, Maryland’s Sports […]

read more
Betting on football
November 6, 2020

Louisiana, Maryland & South Dakota Pass Sports Betting Bills

Three more states – Louisiana, Maryland, and South Dakota – decided to allow sports betting through citizens’ vote on Tuesday’s election. All three markets are expected to launch sports betting […]

read more
Maryland General Assembly
March 3, 2021

Every Stakeholder in Maryland Seeks Mobile Sports Betting License

As Maryland sports betting is shaping up in both chambers, it appears that every stakeholder wants a share in the mobile license. On Thursday, Maryland House Ways and Means Committee […]

read more
Maryland General Assembly
August 17, 2021

Maryland Sports Betting Launch Will Miss Start of Football Season

Despite the best efforts by regulators, Maryland sports betting will miss the start of the NFL season, according to a recent statement by Gov. Larry Hogan. On Monday, Maryland’s Sports […]

read more
October 21, 2020

Maryland Voters Play Kingmakers in Sports Betting Legislation

Residents in Maryland will have a kingmaking role in deciding whether or not the state should go ahead with sports betting legislation. This coming November, people will be asked Maryland’s […]

read more
Maryland General Assembly
May 22, 2021

Governor Hogan Signs Maryland Sports Betting into Law

Maryland Gov. Larry Hogan signed into law on Tuesday a sports betting bill allowing both retail and online betting in the state. The executive signature comes over a month after […]

read more
November 20, 2019

Maryland Charitable Gaming Laws

§ 12-106. Raffles (a) Charitable organization. —(1) Notwithstanding any other provision of this subtitle, Subtitle 2 of this title, or Title 13 of this article and except as otherwise provided […]

read more
Maryland state capitol and state flag
June 17, 2021

PointsBet Enters Maryland Sports Betting Via Riverboat Group

PointsBet has secured access to online and retails sports betting in Maryland after reaching a 10-year agreement with the Riverboat Group. Maryland has recently legalized sports betting and hopes to […]

read more
Live! Casino
November 12, 2020

Maryland Posts $142M Casino Revenue Despite 50% Capacity

Despite a 50% operational limit due to the coronavirus, Maryland reported $142.7 million in gaming revenue in the month of October. Combined revenue at Maryland’s six casinos last month was […]

read more
Live! Casino
August 9, 2021

Maryland Casinos Set New Monthly Revenue Record in July

Maryland casinos have posted a new gaming record in July by posting a total of more than $180 million through the six facilities in the state. Since March it has […]

read more
Maryland General Assembly
July 5, 2021

Maryland Names Sports Wagering Application Review Commission

Maryland sports betting took a critical step on Wednesday as the governor filled out the remaining seats of the commission tasked to award sports betting licenses. Gov. Larry Hogan appointed […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.