The owners of the Maryland Live! Casino at the Arundel Mills Mall are in talks to sell a “significant” minority stake in the state’s largest casino to Penn National Gaming, according to WashingtonPost.com, which cited two unidentified state officials as sources.
Penn National owns the Hollywood Casino in Perryville in western Cecil County, Md. That casino has seen its revenue take a hit, with the opening of the Baltimore-area casino. Hollywood also wants to remove hundreds of slot machines, due to the decline in business.
For MarylandLive!, an investment by Penn National would presumably reduce debt and might give the casino access to Hollywood’s players card that could be used at Penn National casinos in the East and Midwest. Penn National also has stronger finances than many casino companies.
The MarylandLive! casino, which grossed nearly $100 million in its first three months of operation, is owned by an affiliate of Baltimore-based Cordish Cos. Neither Cordish or Penn National responded to requests for comments on the story.
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via Report: Penn National in Talks to Buy Stake in Maryland Live! Casino | Baltimore Citybizlist.
