US casino operator Penn National Gaming said on Monday, December 18, it would buy Pinnacle Entertainment Inc. in a cash and stock deal valued at about US$2.8 billion to create a larger-scale gaming platform.
As part of the deal, Penn and Pinnacle say they will sell four casino properties to rival Boyd Gaming Corp. for US$575 million, including Ameristar St. Charles, the St. Louis area’s largest casino.
Other properties to be acquired by Boyd include Ameristar Kansas City, along with Belterra Casino Resort in Indiana and Belterra Park in Ohio.
The purchase extends a merger frenzy among US casino operators as rising prices for properties prompt some owners to sell, and other deal-hungry companies seek to grow through acquisitions.
Full Content: Bloomberg
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