Penn National Finalises AU$2.8-Billion Pinnacle Acquisition. Boyd concludes the purchase of four Pinnacle casinos, and this is to flag the way for the closure of Penn National’s $2.8-billion procurement of Pinnacle. The Gaming Corporation announced that it had accomplished the acquisition of four gambling assets from rival Pinnacle Entertainment for the estimated amount of $563.5 million in cash.
Boyd added Ameristar St. Charles in Missouri, Ameristar Kansas City and Belterra Casino Resort in Indiana, Florence and Belterra Park in Cincinnati, Ohio to its collection of venues.
Boyd Gaming Corporation the deal
The agreement resulted in Boyd increasing its US presence across ten states, with those being Indiana, Illinois, Iowa, Louisiana, Kansas, Mississippi, Nevada, Missouri, Ohio, and Pennsylvania. The corporation now operates 29 properties.
The deal’s conclusion comes less than a month after Boyd had completed the purchase of Valley Forge Casino Resort in King of Prussia, Pennsylvania.
Boyd Leader and CEO Keith Smith said that it has prolonged their portfolio and enhanced their free cash flow profile. The executive said that the adding of the four properties gained them access to three of major gaming markets.
Penn National Gaming Confirms the Purchase of Pinnacle Entertainment
The closure of Boyd’s attainment of Pinnacle properties cemented the way for the conclusion of a bigger acquirement deal. Penn National has been able to settle the purchase of Pinnacle in a deal that is valued at $2.8 billion.
Penn National CEO Timothy J. Wilmott told the press that their procurement of Pinnacle marked an “important milestone” in the business’s “24-year history of evolution.”
This is one of the best move made by Boyd Gaming Corporation. They have just added great names to their portfolio. We look forward to seeing their success and more great deal being made.