Penn National completes $11 million acquisition of Rosecroft

Final hearing in case scheduled for March

February 28, 2011|By Andrea K. Walker, The Baltimore Sun

Penn National Gaming Inc. has completed its acquisition of Rosecroft Raceway, enabling the Prince George's racetrack to emerge from Chapter 11 bankruptcy.

The racetrack's reorganization plan was dependent on the former owner of Rosecroft, Cloverleaf Enterprises Inc., to sell most of its assets, including the track.

A bankruptcy judge approved Penn National's $11 million bid for the track in February, but the transaction was finalized Monday.

However, the case is still wrapped up in court because a competing bidder, Landow Partners, wishes to submit a higher bid. A hearing is scheduled for March.

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