ALostTexan
11-28-2007, 08:25 PM
Penn National Nixes Rosecroft Deal (http://www.fool.com/news/associated-press/2007/11/28/penn-national-nixes-rosecroft-deal.aspx)
Indicating their true intention in a deal to purchase Rosecroft Raceway, a harness track in Fort Washington, MD, Penn National has backed off their previous plans to purchase the track after the recent news that the VLT deal in Maryland would exclude Rosecroft. Rosecroft is currently operating at a loss, and “pursuant to its rights under the purchase agreement”, Penn National has opted to cut their losses in the deal.
Penn National Gaming Inc. (PNGI) said as a result of the Maryland legislation, “Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states.”
This looks like another sign that the end of Rosecroft is coming, and this move will probably only speed up that death...
Indicating their true intention in a deal to purchase Rosecroft Raceway, a harness track in Fort Washington, MD, Penn National has backed off their previous plans to purchase the track after the recent news that the VLT deal in Maryland would exclude Rosecroft. Rosecroft is currently operating at a loss, and “pursuant to its rights under the purchase agreement”, Penn National has opted to cut their losses in the deal.
Penn National Gaming Inc. (PNGI) said as a result of the Maryland legislation, “Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states.”
This looks like another sign that the end of Rosecroft is coming, and this move will probably only speed up that death...