Regional Casino Operators To Merge In $2.8B DealPenn National Gaming To Acquire Pinnacle Entertainment |
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Penn National Gaming and Pinnacle Entertainment announced Monday that they have reached a $2.8 billion deal.
Penn National will acquire rival regional casino operator Pinnacle in a cash and stock transaction. The price tag reflects a 36 percent premium for Pinnacle shareholders based on Pinnacle’s closing price of $21.86 and Penn National’s closing price of $22.91 on Oct. 4. The transaction is expected to close in the second half of 2018.
The combined company will operate 41 properties across 20 jurisdictions with about 53,500 slots, 1,300 tables and 8,300 hotel rooms. It will employ more than 35,000 people. In addition to its regional facilities, Penn National owns the Tropicana Las Vegas and M Resort in the American gambling hub.
“By combining our highly complementary portfolios and similar operating philosophies, we will be able to leverage the strengths of both our companies and create an unparalleled experience for our regional gaming customers, while generating significant value for our shareholders and business partners,” said Penn National CEO Timothy Wilmott.
The companies also said that the deal will benefit its opportunities in online gambling.
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