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Penn Gaming Expands as $8.9B Buy-Out Nears

WYOMISSING, PA-Since its June agreement to sell to a Fortress/Centerbridge JV, Penn National Gaming also plans to add assets in Maryland and Florida.

By Marita Thomas | Updated on August 10, 2007

WYOMISSING, PA-Penn National Gaming Inc. has signed a binding letter of intent to acquire Rosecroft Raceway, a harness racing track in Fort Washington, MD. This follows its July 5 agreement to purchase the Sanford-Orlando Kennel Club in Longwood, FL, and follows its June agreement to be acquired for approximately $8.9 billion by affiliates of Fortress Investment Group LLC and Centerbridge Partners LP. The company has been silent while that deal is still pending.

In tandem with the Florida kennel club buy, the locally based casino and racetrack company has also secured a right of first refusal for a majority stake in the Sarasota Kennel Club in Sarasota. All of these agreements were announced after the release of Penn National Gaming’s second-quarter financials, and none of the financial details have been disclosed. Both assets provide geographic diversification, and each is subject to conditions and approvals.

Rosecroft Raceway opened in 1949 and is located on 130 acres in Prince George’s County outside Washington, DC. In addition to the racetrack, it includes a simulcast wagering facility, clubhouse and dining area overlooking the track.

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