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Penn National Gaming is to enter the Maryland market ahead of the introduction of legal sports betting in the state after agreeing a deal to acquire the operations of Hollywood Casino Perryville.

Hollywood Casino Perryville Md Smoking Policy, tab and slot off road, egt ufaso slotebi, slots grand prize. Gamble Responsibly. Hollywood Casino Perryville is one of Maryland’s three smaller resort-style gaming properties. Of the more than $1.75 billion Maryland’s six commercial casinos reported in gross gaming revenue last year, Hollywood Perryville accounted for $139.7 million — just an eight percent market share.

Under the terms of the $31.1m deal, Penn will enter into a lease with Gaming and Leisure Properties (GLPI) for the real estate assets associated with the 75,000 sq ft facility with annual rent of approximately $7.77m.

The transaction – which sees Penn expand into a 2oth US state — is expected to close in mid-2021, subject to the approval of the Maryland Lottery and Gaming Control Commission and other customary closing conditions.

“Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010, which will allow us to re-enter the strong Maryland gaming market and add a 20th gaming jurisdiction to our leading nationwide footprint,” said Jay Snowden, Penn’s president and chief executive.

“In addition, with the recent approval of sports betting through the overwhelming passage of Question 2 on Election Day, Maryland is expected to soon become a significant retail and mobile sports betting market,” Snowden added.

“As such, this acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app.”

Voters in Maryland last month approved the introduction of legal wagering through a statewide referendum, with 66.2% in favour of the measure, which also secured the backing of Governor Larry Hogan.

The issue has now returned to the Maryland legislature, which will be required to develop a reguatlroy framework for betting. Senator Craig Zucker, who drafted the measure that was ultimately placed on the ballot, had initially set out a full model for sports betting regulation, though this was removed from the final bill.

Zucker’s Senate Bill 4 proposed $2.5m licence fee, plus an annual $250,000 renewal charge, and 20% gross revenue tax. Online operators would also be permitted to operate wagering on behalf of a master licensee, for a fee of at least $5,000.

This was later amended to allow betting at three racetracks, Pimlico Race Course, Laurel Park and Maryland State Fairgrounds, as well as in the Washington Football Team’s FedEx Field.

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In January this year, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool exclusively promotes the company’s land-based and online casinos and sports betting products.

This also allowed for the roll-out of a Kambi-powered betting and igaming offering under the sports media brand.

Hollywood Casino Perryville, located near the Baltimore metro area and southeastern Pennsylvania, became Maryland’s first casino when it opened in 2010.

Image: Hollywood Casino Perryville

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Penn National Gaming has entered into an agreement with Gaming and Leisure Properties Inc. (GLPI) to acquire the operating rights of Hollywood Casino Perryville in Maryland.

Penn National will pay GLPI $31.1 million in an all-cash deal that is expected to close in the middle of 2021. GLPI, the real estate investment trust of the Pennsylvania-based casino operator, will additionally collect $7.77 million in annual rent from Penn.

Penn National developed Hollywood Casino Perryville in 2010. It was sold to GLPI during a corporate restructuring and the formation of the real estate investment trust in 2013. GLPI operated the casino over the past seven years.

Hollywood Casino Perryville is one of Maryland’s three smaller resort-style gaming properties. Of the more than $1.75 billion Maryland’s six commercial casinos reported in gross gaming revenue last year, Hollywood Perryville accounted for $139.7 million — just an eight percent market share.

Hollywood Perryville was Maryland’s first casino to open, with the first bet placed in 2010. Today, the gaming space offers 800 slot machines, 13 table games, and eight poker tables.

Sports Betting Expands

In November, Marylanders passed a ballot referendum to add sports betting to the state’s list of approved gambling. Question 2 received the support of more than 1.3 million voters, with less than 671,000 in opposition.

Question 2 was essentially a shell bill that simply asked residents if they wanted to join neighbors Delaware, West Virginia, DC, Pennsylvania, and Virginia in allowing legal sports betting. With the referendum passed, state lawmakers will craft the licensing process and regulations that will govern the expanded gambling. One expected detail is that licensed sportsbooks will be able to accept bets online.

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Penn National’s purchase of Hollywood Casino Perryville is likely much more about entering the new sports betting state than it is the physical casino floor.

With the recent approval of sports betting through the overwhelming passage of Question 2 on Election Day, Maryland is expected to soon become a significant retail and mobile sports betting market,” said Penn National Gaming CEO Jay Snowden.

In January, just before the onset of the COVID-19 pandemic, Penn purchased a 36 percent stake in Barstool Sports for $163 million. The Barstool Sportsbook app is currently operational in Pennsylvania and Michigan. Snowden says the app will be available in every legal sports betting state next year.

“As you get into 2021, I think you should expect for us to be in every state that’s legal where we operate and can launch by the end of 2021,” Snowden revealed in October. “We’ll be in well over a dozen states by the end of the calendar year.”

Penn Regional Dominance

Sports betting is the fastest-growing component of the US gaming industry, and Penn National is positioned well to capitalize. The casino operator operates 41 properties across 19 states, those numbers increasing to 42 and 20 once the Hollywood Casino Perryville deal is completed.

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Penn National currently does business in 11 states that have sports betting operational. Six additional states have passed sports betting laws and are expected to launch in 2021. Penn will have casinos in two: Louisiana and Maryland.

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