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Failed Rosecroft Bidder Objects

Published: February 2, 2011 12:16 pm ET

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A hearing has been scheduled for today to hear the objection of one of the unsuccessful bidders for Rosecroft Raceway. The unsuccessful bidder has claimed that it actually placed a higher bid than the $10.25 million winning bid which was put forth by Penn National Gaming Inc.

A report by The Baltimore Sun explains that Landow Partners, whose principals include former state Democratic Party Chairman Nathan Landow, has put forth the objection. According to the article, Landow Partners has stated that the trustee overseeing Rosecroft's bankruptcy "did not exercise the appropriate business judgment and failed to obtain the maximum value" for the track.

In addition to the $10,25 million in cash, Penn National also said that it would kick in an additional $3 million if the state helps finance the track.

According to the report, the Landow group's final bid was $10.05 million in cash and $3 million for a similar issue regarding the state helping the facility succeed. In addition to that, the Landow group reportedly offered $3 million if a referendum to expand gambling is approved in the state and slots become operational at Rosecroft.

Landow Partners said in court documents that the trustee "placed little or no value" on the premium for slots.

(With files from The Baltimore Sun)

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Penn National Snares Rosecroft


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