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Penn Nationwide Accredited to Purchase Hollywood On line casino Perryville
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Penn Nationwide Accredited to Purchase Hollywood On line casino Perryville

Penn National gaming logo on a smartphone with a stock chart in the background

The Maryland Lottery and Gaming Management Fee has given the inexperienced mild to Penn Nationwide’s buy of Hollywood On line casino Perryville’s operations. [Image: Shutterstock.com]

One other leaseback deal

Penn Nationwide Gaming has introduced that the Maryland Lottery and Gaming Management Fee has permitted its acquisition of the operations Hollywood On line casino Perryville. The corporate entered into the take care of Gaming and Leisure Properties, Inc. (GLPI) in December 2020.

we’re thrilled to be re-entering the Maryland market at a property we developed in 2010”

“We’re thrilled to be re-entering the Maryland market at a property we developed in 2010 as it should add a twentieth gaming jurisdiction to our already main nationwide footprint,” mentioned Penn Nationwide president and CEO Jay Snowden on Thursday.

Penn Nationwide is paying GLPI $31.1m money and can lease the property from GLPI for $7.77m per yr.

Gaming and Leisure Properties is an actual property funding belief spun off from Penn Nationwide Gaming, the primary of the previous decade’s pattern of REITs originating from on line casino companies within the firms’ transfer to grow to be “actual property mild.” GLPI was fashioned in 2013, MGM Development Properties sprung from MGM Resorts in 2015, and Caesars spun off VICI Properties in 2017.

Trying towards sports activities betting

Whereas working Hollywood On line casino Perryville is thrilling, Penn Nationwide’s major goal could have been to get into Maryland’s sports activities betting trade. The truth is, Snowden talked about it in Thursday’s press release, saying: “….we’re equally excited to be coming into this market following the legalization of sports activities betting in Maryland a couple of weeks in the past. This acquisition supplies one other alternative to increase our distinctive omni-channel platform with a Barstool-branded retail sports activities ebook and cell app.”

Maryland Governor Larry Hogan signed a sports betting bill into law on Could 18, so it wasn’t precisely “a couple of weeks in the past,” however Snowden’s enthusiasm may be forgiven. State residents voted in favor of sports activities betting on a November poll referendum and the legislature handed the invoice in April.

Penn Nationwide simply took a shortcut to the state’s sports activities betting market

The state is poised to have one of the vital energetic sports activities betting markets within the nation, as lawmakers crafted laws that authorize round 100 mixed retail and on-line sports activities betting licenses. Ten licenses are earmarked for Maryland’s casinos, so Penn Nationwide simply took a shortcut to the state’s sports activities betting market as a substitute of getting to companion with a on line casino.

Placing the “Nationwide” in Penn Nationwide

Penn Nationwide Gaming has been in enlargement mode within the final a number of years. In 2017, the corporate purchased the operations of Bally’s On line casino Tunica and Resorts On line casino Tunica after which leasied the properties from GLPI, because it tends to do.

2018 was Penn Nationwide’s greatest splash, because it bought Pinnacle Leisure for $2.8bn. Pinnacle had to sell four properties to Boyd Gaming to satisfy regulators. Penn Nationwide netted a dozen casinos out of the deal, leasing all of them from GLPI.

The next yr, it purchased the operations of Margaritaville Resort On line casino in Louisiana and Greektown On line casino-Resort in Detroit, whereas VICI Properties purchased the actual property and leased it again to Penn Nationwide.

Penn Nationwide made one other large transfer in early 2020, acquiring a 36% stake in Barstool Sports for $163m with the choice to up the portion to manage or full possession inside three years. Penn Nationwide’s sportsbooks are Barstool-branded.

The COVID-19 pandemic hit Penn Nationwide laborious, forcing it to promote the land on which the Tropicana Las Vegas stands to GLPI for $337.5m in hire credit. GLPI sold the Tropicana’s non-land real estate to Bally’s in April.

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