Penn National's final bid was $10.25 million.
The development could derail the push for slots at Rosecroft as Penn National and MID Developments have been vocal about wanting slots at Laurel Park, just 30 miles away.
A bankruptcy judge still needs to approve the sale. The judge would have to weigh the benefits of the sale for both the track and its creditors.
Baltimore Orioles owner Peter Angelos, seen as the front runner in the bidding, dropped out after the first round, according to an inside source who asked to remain anonymous.
The third bidder was prominent Maryland developer Nathan Landow, a former Maryland Democratic Party chairman and big-time donor. In 2009, Landow was part of a group with Angelos' son and former Maryland Democratic Party chairman Wayne Rogers that considered bidding for a slots license at the Anne Arundel or Worcester county locations, but backed out.