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Penn National Gets Corporate Restructuring Approval From Maryland In New Casino Bid

Firm Is Competing With MGM In Prince George's County


Penn National Gaming announced Thursday that it was closer to securing a restructuring plan that would allow it to potentially build a casino in Prince George’s County, Maryland should state regulators approve that plan, according to the Baltimore Sun.

Penn National said in a press release, “On November 15, 2012, the Company announced its intent to pursue a plan to separate its operating assets and real property assets into two publicly traded companies — an operating entity, Penn National Gaming, and a newly formed entity, [Gaming and Leisure Properties, Inc.].”

In May, Penn National Gaming submitted a proposal for a $700 million Hollywood Casino Resort at its existing Rosecroft Raceway. It would include video lottery terminals, live table games, a poker room, a hotel with a pool and spa, a variety of food and beverage options, an event center and a new grandstand facility. Penn National already operates a casino in the state, Hollywood Casino Perryville, but it wants another. It needs to restructure in order to be allowed to pursue a second.

The firm is competing with the likes of MGM Resorts International for the sole casino-resort license in the county. MGM wants to build a massive gambling complex at National Harbor.

Hollywood Casino Perryville was the first casino in the state to debut live dealer table games, after voters approved a measure last year. That law not only legalized such table games, but also allowed for a new casino in Prince George’s County and ignited a battle.