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Acquisition of Indiana Casino Parent Complete

Wednesday, October 17, 2018 06:28 PM EDT
By Alex Brown
Acquisition of Indiana Casino Parent Complete Ameristar Casino Hotel saw the biggest gain in February.

Two Indiana casinos are now under new ownership. Penn National Gaming Inc. (Nasdaq: PENN) has completed its $2.8 billion acquisition of Las Vegas-based Pinnacle Entertainment Inc. (Nasdaq: PNK), which previously owned Ameristar Casino and Hotel in East Chicago and Belterra Casino Resort in Florence.

As a result of the deal, Penn National has taken over control of Ameristar Casino. However, in connection with the deal, Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) has acquired four Pinnacle properties, including the Belterra Casino Resort, for nearly $564 million.

The acquisition was first announced in December. Timothy Wilmott, chief executive officer of Penn National, calls the deal a "significant milestone" in the company’s 24-year history.

"We are pleased to welcome Pinnacle’s team members to Penn National," Wilmott said in a news release. "We expect to realize approximately $100 million in cost-related synergies and expect to generate further revenue synergies through efforts such as monetizing our database; cross marketing our properties; sports wagering; and further leveraging our social gaming platform."

Penn National now operates 40 facilities throughout the country.

Story Continues Below

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