PNG completes Pinnacle acquisition
Penn National Gaming has announced that it has finally completed the US$2.8 billion acquisition of Pinnacle Entertainment.
US.- Penn National Gaming (PNG) had announced the acquisition of Pinnacle Entertainment months ago but has finally completed the US$2.8 billion transaction, as it revealed last Monday. The deal, described as a “significant milestone”, was approved by PNG shareholders in April and will see the company extend its land-based operation by 40 venues.
“Our acquisition of Pinnacle Entertainment marks a significant milestone in Penn National’s 24-year history of growth as a public company, which has been predicated on our unwavering commitment to deliver exceptional entertainment to customers, support for the local communities where we operate and enhancement of value for our shareholders,” Penn CEO Timothy Wilmott said.
“With the expected incremental free cash flow to be generated from our expanded base of operations, we believe we are well positioned to reduce leverage, evaluate additional accretive strategic growth investments and opportunistically return capital to shareholders,” he added.
The deal also involves other properties like the sale and leaseback of the real estate associated with the Penn Plainridge Park Casino in Massachusetts for US$250 million. It also includes the sale of another real estate, associated with Pinnacle’s Belterra Park to an affiliate of Boyd Gaming.
