Penn National Gaming, Inc. (Nasdaq: PENN) announced yesterday that following its October 2010 purchase of all of the outstanding debt of M Resort for $230.5 million and the receipt of requisite regulatory approvals, it has acquired the business in exchange for the debt. Penn National purchased the M Resort debt from Bank of Scotland plc in October 2010 at which time the Company also secured the right to acquire the business of M Resort in exchange for the property’s outstanding debt obligations. M Resort was developed by Anthony Marnell III, who will serve as President of the property following its acquisition by Penn National.

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