The Pullins Report - Gaming Company With Ohio Ties Sold at Premium
As just reported in the Wall Street Journal and the New York Times, mega gaming company Penn National Gaming has agreed to be acquired for nearly $9 billion in cash. Penn National owns and operates Argosy casino, near downtown Cincinnati and the Toledo Raceway Park.
While Ohio politicians continue to place roadblocks into expanded gaming in Ohio, Wall Street continues to value this sector highly. The deal here calls for payment of a 31% premium over the stock's latest closing price along with the repayment of nearly $3 billion in Penn National debt.
Scott Pullins, Esq.
Publisher,
The Pullins Report
The Pullins Group LLC, the publisher of this newsletter, tracks legislation and provides expert analysis to private sector clients on Ohio gaming issues.
While Ohio politicians continue to place roadblocks into expanded gaming in Ohio, Wall Street continues to value this sector highly. The deal here calls for payment of a 31% premium over the stock's latest closing price along with the repayment of nearly $3 billion in Penn National debt.
Scott Pullins, Esq.
Publisher,
The Pullins Report
The Pullins Group LLC, the publisher of this newsletter, tracks legislation and provides expert analysis to private sector clients on Ohio gaming issues.
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