Penn National Sells Stake In Preakness To Stronach

Law360, New York (June 17, 2011, 3:37 PM EDT) -- Penn National Gaming Inc. said Friday it would sell its interest in the Maryland Jockey Club — host of Baltimore's Preakness Stakes — to a partnership controlled by developer the Stronach Group, eliminating a dual-ownership situation that had drawn criticism.

The buyer, Stron-MJC LP, said it would acquire full ownership in Pimlico Race Course, Laurel Park and the Bowie Training Center, three of Maryland's venerated horse racing properties. The deal is expected to close by June 30, though the companies did not reveal the dollar value...
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