Regional Gaming Consolidating Further as Penn National Gaming Buys Pinnacle Entertainment
Nearly three weeks after Penn National Gaming (NASDAQ: PENN) and Pinnacle Entertainment (NASDAQ: PNK) announced they were in discussions over a merger, they indeed decided to tie the knot. The two regional gaming companies will create a behemoth that operates 41 properties coast to coast with 53,500 slot machines, 1,300 table games, and 8,300 hotel rooms.
As expected, Gaming and Leisure Properties will remain the owner of most of the two companies' real estate. Now it's just a matter of determining whether or not $100 million of synergies and the ability to market to a wider swath of customers will drive value for shareholders. Here's what to watch.
Image source: Getty Images.
Source: Fool.com
