Penn National Moves Ahead On Pinnacle Entertainment Merger

Published Tuesday, April 03, 2018 - Online-Casinos.com
Penn National Moves Ahead On Pinnacle Entertainment Merger

Penn National Gaming, Inc. is an operator of casinos and racetracks based in Wyomissing, Pennsylvania USA. The firm operates 29 facilities in the United States and Canada, many of them under the Hollywood Casino brand. The publicly traded company employs almost 19 thousand people and earned approximately $473 million in 2017. The company has assets worth $5.2 billion and generated $3.1 billion in revenue last year.

It was recently announced that shareholders at Penn National Gaming have voted to approve a planned merger with Pinnacle Entertainment in a deal worth $2.8bn US. Approximately 86% of Penn’s outstanding common shares were voted and about  99% of these votes were in favour of the proposed merger with Pinnacle.

Prior to the merger which was announced back in December Pinnacle agreed it would sell the operations of four properties to Boyd Gaming for $575 million. Pinnacle Entertainment origins go back as far as 1938. It is located in Spring Valley Nevada USA with its operations employing as many as 16 thousand people in 2016.

Timothy Wilmott, chief executive officer of Penn National, commented on the merger,  “The shareholder vote was another important milestone toward completing the acquisition of Pinnacle later this year.

“We are pleased by the support of our shareholders, which we believe reflects their confidence in the significant near and long-term value this transaction will create for investors in both companies.

“The acquisition of Pinnacle’s operations will allow Penn National to further raise the bar on providing unparalleled entertainment and gaming experiences for our regional gaming customers while providing long-term growth opportunities and efficiencies related to our increased scale.”

The deal is still subject to the usual regulatory approvals and other closing conditions with the merger expecting to be completed by the second half of 2018 with the result being the addition of twelve new properties to Penn National's holdings.

 

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