Penn National Acquires Pinnacle Entertainment

Published on: 18 Dec, 2017

On Monday, Penn National Gaming, Inc (NASDAQ: PENN) announced plans to acquire Pinnacle Entertainment for $2.8 billion and is expected to close in the second half of 2018. Pinnacle shareholders will receive $20 in cash and 0.42 shares of Penn National common stock for each Pinnacle share.

This acquisition will create a more efficient integrated gaming company that will benefit from additional growth opportunities and best in class operations. The gaming entertainment platform will become stronger and build on the accomplishments of both companies. Team members, employees, shareholders, as well as guests will benefit from this deal.

Already, Pinnacle owns and operates 16 gaming and entertainment facilities in 11 states. After this proposed deal, Penn National will have 41 properties in 20 jurisdictions in the U.S. and Canada. Properties include Hollywood casinos located in Aurora and Joliet, Illinois. Pinnacle properties that are up for sale include Belterra Casino Resort in Florence, Indiana and Boyd Gaming in Michigan City. Gaming operations at Ameristar locations are also to be bought for about $575 million in cash.

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Ariana Cheong

Email: ariana@financialinsiders.com

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