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Posted at 4:43 PM ET, 01/28/2011

Penn National buys Rosecroft Raceway

By Miranda S. Spivack

A Pennsylvania-based gaming company has beat out the owner of the Orioles and a Bethesda-based developer to take over the bankrupt harness racing track in southern Prince George's County.

Penn National beat out Orioles owner Peter Angelos and developer and Democratic fundraiser Nathan Landow by offering $10.2 million for Rosecroft Raceway. Officials with Penn National said in a statement that they hope to bring slots to the site, something that many local residents say worries them.

Five other sites in Maryland have been authorized for slots in the state, but have been slow in getting underway. An amendment to the Maryland Constitution would be needed to bring slots to Rosecroft.

The three-hour auction for Rosecroft was conducted by Michael Lichtenstein, a Rockville attorney who is counsel to the bankruptcy trustee overseeing the sale of Rosecroft assets. The track went bankrupt two years ago.

By Miranda S. Spivack  | January 28, 2011; 4:43 PM ET
Categories:  Miranda Spivack  
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