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Rosecroft sale approved by Maryland commission

October 24, 2007
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The Maryland Racing Commission on Tuesday approved the sale of Rosecroft Raceway to Penn National Gaming, issuing a license to Penn Maryland LLC to conduct racing at the track once the sale is finalized sometime next month. Penn Maryland, a wholly-owned subsidiary of Penn National Gaming, is purchasing the racetrack for $20 million from Cloverleaf Enterprises.

Penn Maryland has agreed to maintain purses of at least $6.5 million through the first three years of the contract and at least $5.5 million for years four through six. If slot legislation passes in the future in the state, there is language in the agreement that provides for the division of pari-mutuel revenue and alternate gaming revenue.

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