Penn National receives approval to receive the Hollywood Gambling Establishment Perryville

Penn National Video Gaming has actually received the latest approval from the Maryland Lottery Game and Video Gaming Control Commission and can definitely take over the operation of the Hollywood Gambling Establishment in Perryville

In December 2020, Penn National entered into a deal with Video Gaming and Leisure Characteristic (GLPI) to acquire Hollywood Gambling Establishment for $311m in cash.

Upon completion of the transaction, Penn National also accepted participation in a lease agreement with GLPI for the properties related to the gambling company, which has an annual lease of approximately $7.8 million.

Thanks to the approval of the Maryland Commission, the conclusion of the contract is expected in the middle of – completed , based on the traditional completion conditions.

Jay Snowden, President and CEO of Penn National, stated, "I would like to thank the Commission and its staff for their support and effort and time in evaluating and approving our business l icce to lead the Hollywood Gambling Establishment Perryville.

"We are excited to return to the Maryland market in a residential or commercial building where we have settled in 2020. since it is one of the purchases, it also allows Penn National to enter Maryland's sports betting market, which has only recently been legalized in Maryland.

Snowden included: "This acquisition provides another opportunity to expand our dedicated Omni-channel platform with a Barstool branded retail sports betting and mobile app. „

Earlier this month, the operator published monetary results, which consisted of a Q1 profit of $ 1. bn, a 14% development over the previous year.

The result was also $90 m instead of a $ 2020 m loss for the matching duration in 2020, with gambling establishments affected g to a general shutdown in March 2020 due to the Covid - 19 pandemic.