Penn National Gaming Inc. has reached a deal to sell its stake in the Maryland Jockey Club to its joint venture partner.
Penn National (NASDAQ: PENN) will shed its 49 percent stake in the Jockey Club — owner of Pimlico Race Course and Laurel Park — and hand it over to a limited partnership controlled by Frank Stronach, CEO of MI Developments (NYSE: MIM) for an undisclosed price. The sale is expected to close by the end of the month. Stronach and MID currently control 51 percent of the Jockey Club.
The deal brings to an end a rocky marriage between Ontario-based MI Developments and Penn National struck in mid-2010 for $26 million. Wyomissing, Pa.-based Penn National spent millions in a lobbying campaign in a failed bid to bring slot machine gaming to Laurel Park in Anne Arundel County.
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