FTC Approves Penn National Gaming’s $2.8-Billion Acquisition of Fellow Casino Company - W88club

FTC Approves Penn National Gaming’s $2.8-Billion Acquisition of Fellow Casino Company

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FTC Approves Penn National Gaming’s $2.8-Billion Acquisition of Fellow Casino Company

Category : News

David Sill Leads Final 8 Into WSOP Circuit Horseshoe Southern Indiana Main Event Day 3
Posted on Monday October 08, 2018

Justin Boggs fails to defend his title from last year, busts in 23rd place This year’s edition of the WSOP Circuit Horseshoe Southern Indiana Main Event drew 389 entries over two starting flights. Of them, only 74 made it to Day 2 of the prestigious tournament. And of those 74, only the final eight bagged

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Bicol, Philippines Police Detain More Than 2,700 Individuals in Illegal Gambling Crackdown
Posted on Monday October 08, 2018

Bicol police nab thousands in fight against illegal gambling in the region, vows to intensify crackdown The Philippine National Police in the Bicol (PNP Bicol) region nabbed as many as 2,701 individuals on illegal gambling charges during the first three quarters of the year, the Police Regional Office 5 (PRO5) said in a statement from

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Companies should divest casino assets in three Midwestern cities over competition concerns
The US Federal Trade Commission (FTC) approved earlier this week Penn National Gaming’s previously announced purchase of fellow casino operator Pinnacle Entertainment in a deal valued at $2.8 billion. However, the two companies are now required by the FTC to divest casino assets in three Midwestern cities within ten days after the completion of the acquisition deal.
The FTC said in a statement from Monday that it believes the merger of the two major companies would have a negative impact on competition for casino gambling services in the cities of St. Louis, Missouri; Kansas City, Missouri; and Cincinnati, Ohio. As a result the merged company will have to divest its casino assets in the three cities to fellow gaming and hospitality operator Boyd Gaming.
Pinnacle has previously agreed to sell four properties to Boyd Gaming. The latter will pay $575 million in cash for the casinos.
Following the FTC’s approval, Penn National Gaming said that it expects to complete the acquisition of Pinnacle early in the fourth quarter of the year. The deal has received the necessary approvals from 13 gambling regulators. It was also overwhelmingly approved earlier this year by both Penn National Gaming and Pinnacle shareholders.
A Flurry of Consolidation Deals
News about Penn National Gaming securing approval from the FTC arrived just as rival operator Eldorado Resorts completed the acquisition of Tropicana Entertainment amid a wave of consolidation in the US land-based casino sector.
Penn National Gaming and Pinnacle first announced their plans to merge their operations in a deal valued at around $2.8 billion last winter. The transaction is expected to create a behemoth casino gaming company with approximately 53,500 slot machines, 1,300 table games, and 8,300 hotel rooms in a number of jurisdictions across the United States.
After the deal’s completion, Penn National Gaming will own 78% of the combined entity, while Pinnacle will own the remaining 22% stake. The consolidation is expected to create around $100 million in annual cost savings and to add to Penn National Gaming’s free cash flow during the first year.
Caesars Entertainment Corp. also jumped on the consolidation bandwagon shortly after it emerged from a lengthy bankruptcy case last fall. The company announced that it would buy Indiana-based gaming company Centaur Holdings in a deal valued at $1.7 billion. The transaction was completed this past July and saw Caesars add Centaur’s Hoosier Racing and Casino and Indiana Grand Racing and Casino properties to its portfolio and thus extend its footprint in the lucrative Indiana gaming market.
The likes of Penn National Gaming, Eldorado Resorts, and Caesars (as well as the companies they have recently combined with or are to combine with in the coming weeks/months) have been driven by fairly similar reasons to undertake consolidation moves. Growing competition in the sector, the legalization of casino gambling in several states over the past several years, and the impact of online gambling on land-based casinos have been some such reasons for the wave of M&A deals in the space.
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Best CPC Advertising Network for Bitcoins
Posted on Friday August 18, 2017

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Over 1,500 BTC in Prize Money!
Posted on Monday August 14, 2017

This is one series you won’t want to miss at Betcoin Poker! The biggest tournament extravaganza of the year is back from August 13 to September 10, 2017 and it´s going to be a game-changer!  Qualifying satellites into all major events, huge guarantees all month long! OSS3 HIGHLIGHTS: 141 events guaranteeing over 1,500 BTC with

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Bitcoin Cash UAHF successfully activated August 1, 2017
Posted on Wednesday August 02, 2017

Bitcoin’s block chain split on August 1st from a User-activated Hard fork, creating a new separate cryptocurrency called Bitcoin Cash. Learn more in this video.

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