from the USTA Communications Department

Columbus, OH — Penn National Gaming, Inc. and Pinnacle Entertainment, Inc. announced today that they have entered into a definitive agreement under which Penn National will acquire Pinnacle in a cash and stock transaction valued at approximately $2.8 billion.

As part of the agreement, Penn National will assume the existing master lease and Pinnacle’s existing lease for the Meadows Casino and Racetrack in Pennsylvania.

Penn National and Gaming and Leisure Properties, landlord for Penn National and Pinnacle under their respective lease agreements, will also enter into a sale and leaseback of the real estate associated with Plainridge Park Casino in Massachusetts and Thoroughbred track Belterra Park in Ohio for approximately $315 million.

To read the complete Penn National press release on the agreement, click here.