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- Completes Acquisition Financing -- Establishes 2018 Fourth Quarter and Revises Full Year Guidance -- Completes Acquisition of the Real Estate Assets of Tropicana Entertainment.
Recent transactions have put two St. Louis-area casinos in different hands and brought ownership of the real estate underlying all but one of the regional gaming facilities under a single company.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”) announced today that it completed its previously announced acquisition of Pinnacle Entertainment, Inc. (PNK:Nasdaq) (“Pinnacle”) as well as the related divestitures to Boyd Gaming Corporation (BYD:NYSE) (“Boyd”) and the real estate transactions with Gaming and Leisure Properties, Inc. (GLPI:Nasdaq) (“GLPI”). The transaction further enhances Penn National’s position as North America’s leading regional gaming operator, with 40 facilities in 18 jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, and West Virginia.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”) announced that at meetings today, the Company received approval from the Nevada Gaming Commission (“NGC”) and Nevada Gaming Control Board (“NGCB”) in connection with its pending acquisition of Pinnacle Entertainment, Inc. (PNK) (“Pinnacle Entertainment”), subject to customary conditions. Today’s approvals represents the final required regulatory approvals necessary to complete the transaction and Penn National anticipates closing the transaction in mid-October, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement between Penn National and Pinnacle Entertainment.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn” or the “Company”) announced today that the Federal Trade Commission (“FTC”) has cleared its pending acquisition of Pinnacle Entertainment, Inc. (PNK:Nasdaq) (“Pinnacle”), subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming Corporation. The completion of the proposed transaction is contingent on the receipt of approval from one jurisdiction, as well as certain other customary conditions. The Company continues to expect to complete the transaction early in the fourth quarter.
The Ameristar Casino Hotel Kansas City, as well as three other Pinnacle Entertainment Inc. properties, are expected to become part of Las Vegas-based Boyd Gaming Corp.
The U.S. Federal Trade Commission on Monday approved casino operator Penn National Gaming Inc's $2.8 billion purchase of Pinnacle Entertainment Inc, requiring they divest assets in three Midwestern cities. The FTC said the companies should sell casino-related assets in Cincinnati, St. Louis and Kansas City, Missouri, to Boyd Gaming Corp. The cash-and-stock deal, which would cement Penn National's position as the leading U.S. regional gaming operator, was announced in December.
Macau's gaming revenues in September are likely to be impacted Typhoon Mangkhut. MGM Resorts to buy Rocksino from MGM Growth Properties.
Macau gambling sales rises in August. Meanwhile, Penn National was given a green signal by Missouri Gaming Commission for the pending buyout of Pinnacle Entertainment.
The American Gaming Association is out with a new report that says legal sports betting is projected to generate an additional $4.2 billion dollars for the NFL, MLB, NHL, and NBA every year. Yahoo Finance's Seana Smith, Adam Shapiro, and Dan Roberts discuss along with Third Seven Advisors chief strategist Michael Block.
Harry Curtis of Nomura Instinet joins 'Power Lunch' to discuss the impact rising rates have on casino stocks and China-U.S. trade tariffs.