Penn National wraps up $2.8B acquisition of Pinnacle Entertainment
Casino operator Penn National Gaming Inc. has finalized its purchase of competitor Pinnacle Entertainment Inc., a $2.8 billion deal that propels the Berks County-based company to 40 facilities in 18 states.
Under the terms of the deal, which was announced in December, Pinnacle shareholders received $20 in cash and 0.42 shares of Penn National stock for each Pinnacle share they owned.
Las Vegas-based Pinnacle owned 16 gaming and entertainment facilities. The combined deal gives Penn National more than 49,000 gaming machines, 1,200 table games and nearly 9,000 hotel rooms.
Among Penn National's properties is Hollywood Casino at Penn National Race Course in East Hanover Township, Dauphin County. The company is looking to build a new mini-casino at the York Galleria in Springettsbury Township.
Also as part of the merger, Boyd Gaming Corp. struck a $563.5 million deal with Penn National to acquire four Pinnacle properties in Missouri, Indiana and Ohio.
Shares of Penn National are traded on the NASDAQ under the ticker symbol PENN.