Jilted bidder proposes higher offer for Rosecroft

Landow Partners asks judge to consider $12 million bid

February 07, 2011|By Hanah Cho, The Baltimore Sun

Landow Partners is asking a bankruptcy judge for permission to submit a bid for Rosecroft Raceway that is $1 million more in cash than casino operator Penn National Gaming's offer, which won approval last week.

U.S. Bankruptcy Judge Paul Mannes approved Penn National's $11 million cash offer for the Prince George's County harness track after the two parties exchanged proposals to try to outbid each other at last week's hearing.

Landow Partners, led by former state Democratic Party Chairman Nathan Landow, said the group did not increase its bid in the final round during the sale hearing due to a "misunderstanding," according to court documents filed Monday.

Landow Partners is now offering $12 million in cash, plus $3 million if the General Assembly approves a bond issue to help finance the track's operations and another $3 million if a referendum to expand gambling is approved and becomes operational at Rosecroft.

If its request is not approved, Landow Partners is asking the judge to reconsider his decision, given that the group's bid includes an additional $6 million in potential value.

Hanah.cho@baltsun.com

    Baltimore Sun Articles
    |
    |
    |
    Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.