- Shareholders at Penn National Gaming (PENN +1.8%) voted to approve the merger with Pinnacle Entertainment (PNK +0.7%).
- The merger proposal includes issuing shares to stockholders of Pinnacle Entertainment
- The deal is expected to close the second half of this calendar year.
- CEO update on the merger: "The acquisition of Pinnacle’s operations will allow Penn National to further raise the bar on providing unparalleled entertainment and gaming experiences for our regional gaming customers while providing long-term growth opportunities and efficiencies related to our increased scale. Following the transaction closing, Penn National will enjoy significantly greater geographic diversity from a combined 41 properties in 20 jurisdictions, including 15 of the country’s top 30 Metropolitan Statistical Areas. Financially, we expect the transaction to increase our annual revenue and be immediately accretive to free cash flow per share, following the planned divestitures of four casinos and the realization of approximately $100 million in synergies."
- Source: Press Release
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