Berks

Berks-based Penn National buys Pinnacle for $2.8B

Combined company will have 41 properties

WYOMISSING, Pa. - Pinnacle Entertainment is being snapped up by Berks County-based Penn National Gaming in a deal worth about $2.8 billion as the gaming industry seeks to diversify and cut costs at the same time.

Penn National Gaming Inc., headquartered in Wyomissing, is spending $20 in cash for each share, and Pinnacle shareholders will also get 0.42 shares of Penn for each Pinnacle share they own.

"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 Timothy J. Wilmott, Penn National's CEO.

Pinnacle owns and operates 16 gaming and entertainment facilities in 11 jurisdictions across the United States.

In a separate deal, also announced Monday, Boyd Gaming Corp. is buying four of Pinnacle's properties. Those are the Ameristar St. Charles and the Ameristar Kansas City, both in Missouri, as well as the Belterra Casino Resort in Florence, Indiana, and Belterra Park in Cincinnati. Boyd will pay $575 million for those assets.

Penn National said the combined company will have 41 properties in North America, not including those acquired by Boyd.


DISCLAIMER FOR COMMENTS: The views expressed by public comments are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the TERMS OF USE  and the comment you are posting is in compliance with such terms. Your comments may be used on air. Be polite. Inappropriate posts or posts containing offsite links may be removed by the moderator.

This Week's Circulars

WEATHER ALERT

Berks Area News

Latest From The Newsroom