Penn National, MI Developments In Joint Venture
WYOMISSING, Pa. (AP) – Casino operator Penn National Gaming Inc. and MI Developments Inc. have formed a joint venture that will own and run the Maryland Jockey Club, the companies said Friday.
Penn and MI will work together to strengthen racing operations at Laurel Park and Pimlico Race Course, which hosts the Preakness Stakes. They will also look into possible gaming opportunities.
The deal is expected to close in the middle of the year, subject to Maryland Racing Commission approval and other regulatory conditions.
Shares of Penn National Gaming fell $1.11, or 3.9 percent, to $27.49 in afternoon trading. Over the past year, the stock has traded between $22.45 and $34.50. MI Developments’ stock dropped 6 cents to $13.21.