The owner of the Hollywood Casino in Perryville, Md has completed a deal to acquire at St. Louis area casino.
The company completed its acquisition of the stock of the Harrah’s St. Louis gaming and lodging facility from Caesars Entertainment for about $610 million.
Penn National suffered a setback on Tuesday when Maryland voters approved an expansion into table games and 24-hour operation of casinos. Penn National had spent heavily in an effort to defeat the question. The expansion is expected to hurt business at its casino in Charlestown, W.Va.
A legal challenge to the validity of the question has been filed, the Maryland Gazette Report.
The measure would clear the way for table games in Perryville, which has seen a sharp drop in business after the opening of the MarylandLive casino near Baltimore
Peter M. Carlino, Chief Executive Officer of Penn National, said, “The acquisition of Harrah’s St. Louis further expands and diversifies Penn National’s regional operating platform with a facility that is extremely well-positioned in another large, stable metropolitan market. Our planned facility upgrades include the introduction of Penn National’s Hollywood brand – which has been successfully deployed at 13 other properties across the country – and will invoke the glamour of 1930s’ art deco Hollywood.
“We recently named 30-year gaming industry veteran, and former Harrah’s executive, Tony Carlucci the Vice President and General Manager of the property and we are confident he will build upon the facility’s current success and position in the attractive St. Louis market. We have budgeted $61 million to re-brand the facility including significantly upgrading and updating the gaming floor and aligning IT and reporting functions with our existing systems.”
Hollywood Casino St. Louis is located in Maryland Heights, Mo., approximately 22 miles northwest of downtown St. Louis. Penn National also has a casino in nearby Alton, Ill.
The casino features approximately 109,000 square feet of gaming space with approximately 2,100 gaming machines and 80 table games (including poker positions), a 500 room hotel, nine dining and entertainment venues and structured and surface parking for 4,644 vehicles.
Penn National has been snapping up casinos as it works to build a national footprint. Prior to the St. Louis purchase, it had acquired the M resort/casino near Las Vegas.