Penn National Makes $11M Purchase Of Md. Racetrack
FORT WASHINGTON, Md. (AP) — Penn National Gaming Inc. has completed its acquisition of Rosecroft Raceway, which will allow the Prince George’s County racetrack to emerge from bankruptcy.
A bankruptcy judge approved Penn National’s $11 million bid for the track last month. The transaction was finalized Monday, but another bidder that lost the race track in an auction has filed a motion to have the process reconsidered.
Landow Partners LLC contests the auction results and has attempted to block the deal
A hearing will be held March 22 on Landow’s efforts to submit a higher bid.
Penn National is based in Wyomissing, Penn.
(Copyright 2011 by The Associated Press. All Rights Reserved.)