Penn National Gaming

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Penn National Gaming, Inc. NASDAQ: PENN is a diversified owner and operator of casino properties, as well as horse racetracks and associated off-track betting facilities primarily in the United States. As of 2008, it operated 20 facilities in 11 jurisdictions, including West Virginia, Illinois, Indiana, Louisiana, Mississippi, Pennsylvania, Missouri, New Jersey, Ohio, Colorado, Maine, and Ontario.

Contents

[edit] History

The company was incorporated as PNRC Corp. in 1982 and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming is headquartered in Wyomissing, Pennsylvania.

[edit] Mergers

In 2005, Penn National merged with Argosy Gaming Company to become one of the largest publicly held gaming companies in the country.

In November 2006, reports surfaced that Penn National Gaming was considering a takeover of Harrah's Entertainment. [1] The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.

On April 17, 2007, Penn National Gaming completed acquisition of the Zia Park & Black Gold Casino in Hobbs, New Mexico for $200 million. The assets are primarily comprised of the Zia Park Racetrack and its Black Gold Casino on approximately 320 acres of land located in Hobbs, New Mexico. The acquisition marks Penn National's entry into the New Mexico gaming marketplace.[citation needed]

On June 15, 2007 Penn National agreed to a $6.1 billion buyout. The buyers, New York-based Fortress Investment Group and Centerbridge Partners, will assume 2.8 billion in debt. It still has to be passed by the shareholders being offered $67 for each share.[1]

[edit] Operations

[edit] Casinos owned

[edit] Casinos operated

[edit] Race tracks

[edit] References

  1. ^ USA Today: Penn National Gaming agrees to $6.1B deal. Retrieved June 15, 2007

[edit] External links

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