Search
 

Penn Gaming Backs Out of Rosecroft Buy

WYOMISSING, PA-The move comes after Maryland legislation excludes the raceway's location from installing video lottery terminals.

By Marita Thomas | Updated on November 28, 2007

WYOMISSING, PA-Penn National Gaming Inc. will not proceed with its previously announced agreement to acquire Rosecroft Raceway in Fort Washington, MD from Cloverleaf Enterprises Inc. The locally based casino and racetrack owner signed a binding letter of intent to acquire the asset in August and proceeded with a definitive agreement for the purchase the following month.

In a statement Penn National attributes its decision to not proceed with the acquisition to new legislation signed by Maryland Gov. Martin O’Malley on Nov. 19. While the legislation authorizes up to 15,000 video lottery terminals at five locations in the state, subject to a November 2008 voter referendum, it specifically excludes Prince George’s County where Rosecroft operates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.