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Penn National Gaming To Go Private

By Chuckmonster on Saturday, 16th June 2007 5:42am
  » filed under Mergers & Acquisitions  comments: 0


The march towards privatization by major casino operators continued yesterday with the announcement that Penn National Gaming - owners of four Argosy branded riverboat casinos, Boomtown Biloxi, five Hollywood casinos, Casino Rama, Empress Joliet and a slew of racetracks - has accepted an $8.9 billlion dollar offer by two private equity firms.

Some of you may remember that Penn National made an offer to buyout Harrah's shortly before Harrah's accepted another bid from Apollo/TPG.

The private equity firms, Fortress Investment Group and Centerbridge Partners will assume $2.8 billion of Penn Nationals Debt as part of the nearly $9 billion dollar pricetag.

Penn National Gaming is the third largest gaming operator in the U.S., behind Harrah's and MGM Mirage, both of whom have have entered into or flirted with the beginnings of privatization.

Penn National Gaming does not have a property in Las Vegas or Atlantic City.



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