Penn National Gaming (PENN: 23.11 0.00%), has been selected by the Maryland Video Lottery Location Commission to develop and manage a video lottery terminal facility in Cecil County.

A Video Lottery Terminal (VLT), is an electronic game of chance, similar to slot machines found in casinos, but connected to a centralized computer system. The Facilities VLT’s will be regulated by the Maryland commission.

Penn has created a wholly-owned subsidiary, Penn Cecil Maryland, Inc., to facilitate the deal.

The company has closed on 36 acres of property located along Interstate 95, bordering Pennsylvania and Delaware along the Chesapeake Bay in Perryville, MD from Principio Iron Company L.P for $14.6 million.

The gaming company plans to develop the property into a 75,000 square foot Hollywood themed facility.

The development will cost approximately $97.5 million and will include 1,500 video terminals and food and beverage offerings.

Penn is expected to open the facility to the public in late 2010.

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