Penn National Gaming Pulls Out of Buying Maryland Racing Track

Penn National Gaming thought they would be in a great position once Maryland allowed racing tracks to add video poker, but they ended up pulling out of a deal after learning they could have no such games.

The Rosecroft Raceway in Fort Washington, Maryland was the place that Penn agreed to buy back in August. The deal for the 58 year old harness track was made between Penn and Cloverleaf Enterprises Incorporated.

Recent legislation passed has allowed up to 15,000 video lottery terminals at five locations in the state, but Rosecroft was not one of those locations, so the sale of the raceway has fallen through.

The bill which was signed on November 19th, specifically excludes Prince George's County, where the racetrack is located.

The price of the sale of the racetrack was never disclosed, and that figure may never be known now that the deal is no longer going to take place.

The main reason for the acquisition of the property was the anticipation that the track would be one of the ones allowed to have the poker machines. When it was announced that it would not be one of those locations, the sale deal quickly dissolved.

November 28, 2007
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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