Penn’s Bid Delayed On Racetracks
Penn National Gaming (PENN: 25.62 0.00%) has been delayed from placing a bid on the Pimlico and Laurel Park racetracks for a second time since the bankrupt Magna Entertainment Corp. entered into the auction process.
The Maryland bankruptcy court has agreed to extend the opening date for bids to give Magna and bidders time to gain a better grasp on whether voters will be able to decide the fate of slots at Arundel Mills mall.
Uncertainty over whether voters will approve the slots casino may raise the stakes and the bids for the tracks by bettering the chances of slots at Laurel Park.
The developer of the Arundel Mills casino, David Cordish, currently holds the only slot license in Anne Arundel County, however if rejected at the polls, the state could reopen the license process allowing the new owners of the racetracks the option of offering slots.
“We have to wait to see what happens with Cordish; that’s obviously a fluid situation right now,” said Eric Schippers, Penn National’s senior vice president of public affairs. “If there is a possibility to have slots there one day, it would be nice to have the option of pursuing.”
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