Penn National Gaming to buy Pinnacle Entertainment
NEW YORK - 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.
One Pinnacle property involved in that deal is L'Aurberge Hotel and Casino in Baton Rouge.
"We look forward to welcoming that property and it’s team members to the Penn National Gaming family," said Eric Schippers with Penn National.
The deal is anticipated to close in the second half of 2018.
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.
Other properties 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.