The last week saw gambling industry players Penn National Gaming Inc. PENN and Boyd Gaming Corporation BYD announcing buyouts.
Melco Resorts & Entertainment Limited MLCO announced the launch of a luxury hotel brand, NUWA.
Week’s Most Important Stories in Detail
Penn National agreed to buy Pinnacle Entertainment Inc. (PNK) for $1.87 billion in cash and stock. Taking into account Pinnacle Entertainment’s debt, the total value of the deal is $2.8 billion. Pinnacle shareholders will get $20.00 in cash and 0.42 shares of Penn National shares for each Pinnacle share they own. This brings the purchase price to $32.47 per Pinnacle share based on Penn National’s closing price as of Dec 15.
As part of the deal, Pen…
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