Jun 17, 2011
Penn National leaves Maryland Jockey Club
By: SPORTS NETWORK
Baltimore, MD (Sports Network) - The joint venture between Penn National Gaming and MI Developments in the Maryland Jockey Club (MJC) has been dissolved. The two companies announced Thursday that Penn National is divesting itself from the MJC.
In a statement Penn National announced that has reached 'a definitive agreement' to sell its part of MJC to Stron-MJC Limited Partnership. The joint venture between Penn National and MI Developments was established in the middle of last year.
"While we are divesting our interest in the Maryland Jockey Club, Penn National Gaming remains committed to racing and gaming in Maryland," Peter M. Carlino, Chief Executive Officer of Penn National commented. "With our acquisition earlier this year of Rosecroft Raceway in Oxon Hill and our successful opening last fall of the state's first VLT facility, we will focus our resources on further strengthening the racing and operations at Rosecroft and building on the initial success of Hollywood Casino Perryville. We believe that the Maryland Jockey Club, Pimlico and Laurel Park will be well served under the single ownership of The Stronach Group and we wish them success with these historic racing venues."
An affiliate of MI Developments will also transfer its interest in the MJC to an affiliate of Stron-MJC Limited Partnership as part of a transaction approved by the shareholders of MI Developments.
The Maryland Racing Commission must approve the transaction, which is expected to be finalized later this year.
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