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Rumor Mill: M Is Now Penn's

By JohnH on Thursday, 7th October 2010 10:25pm
  » filed under Mergers & Acquisitions  comments: 2

   

Quick note for those of you not tuned into Norm Clarke's Twitter feed (read: everyone), it looks like tomorrow might bring an announcement that Penn Gaming has purchased the M Resort.

That's right. After posturing, posturing, haggling with MGM Resorts International over the price of the Mirage, and then haggling some more, it looks like Penn is finally going to make the jump into the deep end of the gaming market with this M acquisition.

That is, of course, if Norm's rumor is to be believed. Logistically, the M acquisition would make sense seeing as Penn is a gaming operator with only regional/local experience and that M is, despite those of us who think it is a resort that can compete with some of the Strip's better offerings, thoroughly a local's joint. In that sense, it's not really out of the question.

However, because of the reputation of everyone's favorite gossip blogger whose ego is as big as he is (Don't be jealz, Robin. It's just a joke. Just like you actually closing on that Cosmo condo.) for exaggerating certain "exclusive" acquisition news items, we tend not to put a lot of credence in whatever it is Vegas' gossip blogging sisters have to say when it comes to these things. (Norm, don't blame us. Blame Leach.)

At this point, then, we here at VT think the thing could go either way and we're going to save our real commentary on the whole situation until we get some more concrete details. However, if this thing pans out and Penn really does make it to the ball two years and a partial economic recovery late, we'll give you all of those details as soon as we get them.

Big thanks to fellow VT contributor extraordinaire Blackjacker1979 for the tip.








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Comments & Discussion:

 detroit1051 posted on Friday, 8th October 2010 - 5:05 am

$230.5 Million. Here's the press release:
http://phx.corporate-ir.net/phoenix.zhtml?c=120420&p=irol-newsArticle&ID=1480543&highlight=

 socalduck posted on Friday, 8th October 2010 - 9:44 am

Whoa, this is a steal. If I recall, the original price tag on M was around $1b. Nice score for Penn, now I wonder what they will do with it?



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