Hollywood, Belterra Casino Owners Agree To Merge
By Travis Thayer
(Lawrenceburg, Ind.) – Talks of a merger is coming to fruition for the parent companies of two southeastern Indiana casinos.
Earlier this month, Penn National Gaming, the owner of Hollywood Casino in Lawrenceburg and Pinnacle Entertainment, the owner of Belterra Casino in Switzerland County, engaged in discussions for a potential “business combination”.
On Monday, Penn National Gaming announced it will buy Pinnacle Entertainment in a cash and stock deal valued at about $2.8 billion, reports the St. Louis Post-Dispatch.
The merger will create a larger-scale gaming platform.
As part of the deal, Belterra Casino in Indiana and Belterra Park in Ohio will be two of four properties that will be sold to Boyd Gaming Corporation for approximately $575 million.
The deal must first be approved by federal regulators.
If approved, Penn National Gaming would have a total of 41 properties nationwide. Pinnacle would own and operate 16 properties.