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Penn National Ups the Ante with $2.8B Pinnacle Deal

Included in the deal is a $315-million sale-leaseback to Gaming and Leisure Properties Inc., the landlord for Penn National and Pinnacle under their respective master lease agreements.

Exterior of casino resort Belterra Park in Cincinnati will be part of a $315-million sale-leaseback with GLPI.

WYOMISSING, PA—Weeks after rumors surfaced on discussions between Penn National Gaming Inc. and Pinnacle Entertainment Inc., the two casino operators confirmed Monday that they plan to merge. Penn National has agreed to acquire Pinnacle in a cash-and-stock transaction that’s valued at approximately $2.8 billion and which is expected to close in the second half of 2018.

In connection with the merger, Boyd Gaming Corp. has agreed to acquire four Pinnacle properties for a total of $575 million in cash: Ameristar Kansas City and Ameristar St. Charles in Missouri; Belterra Casino Resort in Indiana; and Belterra Park in Ohio. The divestitures are expected to occur immediately prior to the closing of Penn National’s Pinnacle acquisition.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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