Ruling in PNG's favor on Rosecroft
February 02, 2011
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A challenge to Penn National Gaming's $10.25 million purchase of bankrupt Rosecroft Raceway was dismissed by a bankruptcy judge on Wednesday. The new price is $11 million, and another court challenge could be filed.
Landow Partners, whose principals include former Maryland Democratic Party chairman Nathan Landow, bid $10.05 million in cash for Rosecroft, with additional payments possible. Last Friday a bankruptcy judge accepted Penn National Gaming's bid of $10.25 million in cash. Penn National's bid also included an additional $3 million if the Maryland General Assembly approves a bond issue to help finance the track's operations.