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Penn Gaming to acquire The Meadows

December 18, 2017

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Penn National Gaming Inc. announced Monday, Dec. 18, that it is acquiring Las Vegas-based Pinnacle Entertainment Inc., the company that operates The Meadows Racetrack &Casino and 15 other casino properties in the Midwest and Southeast. Penn National said the deal is valued at $2.8 billion in a cash and stock transaction. The two sides were in merger discussions since October.

The deal, which was approved by the boards of both companies, is expected to close in the second half of 2018. Penn National said it expects to have a combined 41 properties in North America in 2018.

Pinnacle has 1,300 employees at The Meadows, which it has operated since September 2015, after previous Meadows owner Cannery Casino Resorts sold the property to Gaming and Leisure Properties Inc. for $440 million. Under its operating agreement, Pinnacle has leased The Meadows' property from Gaming and Leisure Properties, which is a landlord for both Penn National and Pinnacle.

"By combining our highly complementary portfolios and similar operating philosophies, we will be able to leverage the strengths of both our companies and create an unparalleled experience for our regional gaming customers, while generating significant value for our shareholders and business partners," said Penn National Chief Executive Officer Timothy J. Wilmott. "We look forward to welcoming Pinnacle's talented employees to our team and to further enhancing our status as North America's leading regional gaming operator."

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