The world of land based gaming is an ever changing and ever evolving one, and it has just been announced that the long awaited deal, which sees Penn National Gaming purchasing the assets of Pinnacle Entertainment, has finally been done and has gone through.
It was a long and drawn out deal, and one that did cost Penn National a hefty sum of money, but also one that they were very eager to complete, for the deal which cost a total of $2.8billion means that they now operate 40 different gambling venues on no fewer than 18 different US States.
The deal itself was announced back in December, and has been going through the due diligence and final stages since then, and it is a deal which now sees each of the many Pinnacle shareholders getting a 0.42% share in Penn National, and also a cash payment of $20 for each share of Pinnacle they had.
Now that this deal has been finalised and has gone through, Penn National now operate a huge number of gaming machines which numbers in excess of 49,000. They also now have almost 9000 hotel rooms and suites and operate as many as 1200 gaming tables too.
This isn’t the only deal that Penn National has been hoping to secure, for you may be unaware that they are also hoping to be given the green light and approval to small casino in York Galleria which is located in the Springettsbury Township.
The Boyd Gaming Corp also did very well out of this deal it would appear, for they were able to buy four of the former Pinnacle casino venues which are located in Missouri, Indiana and Ohio, costing them a reported $563.5 million.
