Penn National Gaming’s deal to acquire Hollywood Casino Perryville is complete.
The Maryland Lottery and Gaming Control Commission Thursday approved the deal for the gaming operator to acquire the property from Gaming and Leisure Properties for $31.1 million in cash, subject to customary working capital adjustments. Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville, with an annual rent of approximately $7.77 million.
The casino is located in Cecil Country, approximately 44 miles northeast of Baltimore, and just off well-traveled Interstate 95.
“We are thrilled to be re-entering the Maryland market at a property we developed in 2010 as it will add a twentieth gaming jurisdiction to our already leading nationwide footprint,” said Penn National CEO Jay Snowden Thursday in a statement.
Penn National originally developed Hollywood Casino Perryville, which opened in 2010. The property became part of GLPI when the Real Estate Investment Trust was spun off from the casino operator in 2013.
Penn National received the right to acquire Hollywood Casino Perrysville in April 2021, when it reached a deal with GLPI to sell the Tropicana Las Vegas for $307.5 million in rent credits, with Penn retaining operations of the Strip property.
The deal for Hollywood Casino Perryville comes shortly after Maryland legalized sports betting May 18, with a launch date of June 1. Entities currently in gaming and sports, including casinos, sports franchises, racetracks, OTBs and bingo hall, are eligible for brick-and-mortar licenses.
“We’re equally excited to be entering this market following the legalization of sports betting in Maryland a few weeks ago,” Snowden said. “This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app.”
