Economy

Penn National Buys Rival Casino Company for $1.87 Billion

Penn National Buys Rival Casino Company for $1.87 Billion

Following the acquisition, Pinnacle shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share - amounting to a total of $32.47 per Pinnacle share, which was based on Penn National's closing price on December 15, according to Business Wire. Finally, Numeric Investors LLC bought a new stake in Pinnacle Entertainment during the second quarter valued at about $6,661,000. Pinnacle Entertainment has a 1 year low of $13.61 and a 1 year high of $33.59. Institutional investors and hedge funds own 97.64% of the company's stock. Following the transaction, the chief executive officer now directly owns 460,600 shares in the company, valued at approximately $10,603,012. The per-share bid would give Pinnacle a market capitalization of $1.87 billion. The company has a consensus rating of "Buy" and an average target price of $22.55. The company has a debt-to-equity ratio of 18.36, a current ratio of 0.82 and a quick ratio of 0.82.

Pinnacle Entertainment (NASDAQ:PNK) last issued its quarterly earnings data on Tuesday, November 7th. The company had revenue of $647.40 million during the quarter, compared to the consensus estimate of $652.13 million.

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Of those facilities, Boyd Gaming Corporation will purchase Pinnacle's Ameristar Kansas City, Ameristar St. Charles in Missouri, Belterra Casino Resort in IN and Belterra Park in OH for almost $575 million in a separate deal with Penn National Gaming. The Company operates through three segments: Northeast, South/West and Midwest.

Other properties to be acquired by Boyd include Ameristar Kansas City, along with Belterra Casino Resort in IN and Belterra Park in Ohio.