“The combined company will benefit from enhanced scale, additional growth opportunities and best-in-class operations, creating a more efficient integrated gaming company,” said Penn CEO Timothy J. The company also expects about $100 million in annual cost savings as a result of the deal. Penn says the combined company will have 41 properties in North America, not including those acquired by Boyd. Boyd will pay $575 million for those assets. Charles and the Ameristar Kansas City, both in Missouri, as well as the Belterra Casino Resort in Florence, Indiana, and Belterra Park in Cincinnati.

is buying four of Penn National’s newly acquired properties. The stock-and-cash bid is worth an implied $32.47 per share, the companies said.Īs part of the deal, Boyd Gaming Corp. is spending $20 in cash for each share, and Pinnacle shareholders will also get 0.42 shares of Penn for each Pinnacle share they own. Pinnacle Enteratinment destination in Colorado. Karl Gehring / The Denver Post via Getty Images – Ameristar Black Hawk

Pinnacle Entertainment is being snapped up by Penn National in a deal worth about $2.8 billion as the gaming industry seeks to diversify and cut costs at the same time.

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