Penn National Gets Corporate Restructuring Approval From Maryland In New Casino BidFirm Is Competing With MGM In Prince George's County |
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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.
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