New high roller at the table, Penn buys Pinnacle for $2.8B - FOX5 Vegas - KVVU

New high roller at the table, Penn buys Pinnacle for $2.8B

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NEW YORK (AP) -

Pinnacle Entertainment is being snapped up by Penn National in a deal worth about $2.8 billion as the gaming industry seeks to diversify and cut costs at the same time.

Penn National Gaming Inc. is spending $20 in cash for each share, and Pinnacle shareholders will also get 0.42 shares of Penn for each Pinnacle share they own.

In a separate deal, also announced Monday, Boyd Gaming Corp. is buying four Pinnacle properties. Those include the Ameristar St. Charles and the Ameristar Kansas City, both in Missouri, as well as the Belterra Casino Resort in Florence, Indiana, and Belterra Park in Cincinnati. Boyd will pay $575 million for those assets.

Penn says the combined company will have 41 properties in North America, not including those acquired by Boyd.

Copyright 2017 Associated Press. All rights reserved. 

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