Judge Approves Penn National Bid For Md. Racetrack
GREENBELT, Md. (AP) — A federal bankruptcy judge has approved a new $11 million cash deal for the Rosecroft Raceway horse racing track by Penn National Gaming Inc.
Judge Paul Mannes decided to approve company’s bid on Wednesday.
Penn National increased its offering from $10.25 million to $11 million after competing bidder Landow Partners increased its offer from one made on Friday. As part of the deal, Penn National would no longer pay an additional $3 million if it receives a bond from the state.
Roger Frankel, an attorney for Landow, said it’s too soon to say whether Landow will appeal.
(Copyright 2011 by The Associated Press. All Rights Reserved.)