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.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
CBS All Access

Watch & Listen LIVE