The sale of Rosecroft Raceway to casino operator Penn National Gaming Inc. was approved by a bankruptcy judge in a hearing on Wednesday

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Landow Partners launched an objection against Penn National's winning bid of $10.25 million in cash, plus an additional $3 million if the state helps finance the track. Landow Partners had made a $10.05 million cash offer plus $3 million for a similar bond issue and another $3 million if a referendum is approved to allow slots at the facility. Landow Partners argued that their bid offered maximum value for the track.

The Baltimore Sun reports that after some last-minute revisions to the offers by both parties, Penn National made a final $11 million cash offer, which was accepted.

Landow Partners has 14 days to appeal after U.S. Bankruptcy Judge Paul Mannes signs his ruling.

(With files from The Baltimore Sun)

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