Penn National to Acquire Pinnacle Entertainment for $2.8B
WYOMISSING, Pa. – Penn National Gaming has entered an agreement to acquire Pinnacle Entertainment in a cash and stock transaction valued at $2.8 billion. The deal is expected to close in the second half of 2018.
Pinnacle, based in Las Vegas, operates 16 casinos in 11 states including the Ameristar casino hotel chain. Once the sale is complete, four of the Pinnacle properties will be sold to Boyd Gaming Corp., including Belterra Park in Cincinnati. Penn National, which owns and operates Hollywood Gaming at Mahoning Valley Race Course, will have 41 properties.
“The combined company will benefit from enhanced scale, additional growth opportunities and best-in-class operations, creating a more efficient integrated gaming company,” said Penn National CEO Timothy Wilmott in a release.” We look forward to welcoming Pinnacle’s talented employees to our team and to further enhancing our status as North America’s leading regional gaming operator.”
With the acquisition, Penn National’s sites will have a combined 53,500 slot machines, 1,300 table games, 8,300 hotel rooms and more than 35,000 employees.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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