Fraser Forbes Real Estate Services announces the closing of a
$14.6 Million transaction for a video lottery terminal facility in Perryville, MD
10/22/2009
McLean, VA, October 22, 2009–Fraser Forbes Real Estate Services, a full- service real estate firm in Washington, DC, announced today that Penn Cecil Maryland, Inc., a wholly-owned subsidiary of Penn National Gaming, who has been selected by the Maryland Video Lottery Location Commission to develop and manage a video lottery terminal (VLT) facility in Cecil County, purchased approximately 36 acres of land located in Perryville, from Principio Iron Company L.P for $14.6 Million. Fraser Forbes agent Steve Efantis and CEO Rich Samit represented the buyer. Penn National plans to commence construction of a $97.5 million Hollywood-themed facility, inclusive of licensing fees, with 75,000 square feet of gaming space, 1,500 VLTs, food and beverage offerings and extensive parking. The facility is expected to open to the public in late 2010.
“We are very pleased to have been involved in this exciting transaction as we believe it will yield great benefits for the citizens of the State of Maryland, the stockholders of Penn National Gaming and the Principio Iron Company” says Fraser Forbes CEO Rich Samit.
