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Penn National Pays US$50m For 50% Pimlico & Laurel Park

Monday, 10th May 2010

Penn National Gaming announced it has "acquired a 50% share" in Maryland's Laurel Park & Pimlico Racecourse & will operate them "jointly with co-owner MI Developments". MID vice chairman Dennis Mills confirmed Penn National paid US$50 million for its stake & will "oversee the development of casino-style gaming" at the 2 tracks. Mills noted: "This transaction is consistent with our plan to enhance the returns of our racing & real estate assets & pursue other opportunities, including the potential for gaming, to benefit the value of the Maryland Jockey Club".

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