Hollywood, Belterra Casino Owners May Merge
By Mike Perleberg
(Lawrenceburg, Ind.) – The parent companies of two southeastern Indiana casinos are in merger talks.
Penn National Gaming owns Hollywood Casino Lawrenceburg. Pinnacle Entertainment owns Belterra Casino in Switzerland County.
In a news release Thursday, the two companies confirmed that they are engaged in discussions for a potential “business combination”.
Penn National, based in Wyomissing, Pennsylvania, would likely be the company to acquire Las Vegas-based Pinnacle in a cash and stock transaction.
“These discussions may or may not lead to any transaction, and the Company does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required. Additionally, there can be no assurance that an agreement providing for a transaction will be reached, or if an agreement is reached, that a transaction will be completed. Any transaction would be subject to the approval of the two companies’ boards, regulatory and shareholder approvals, as well as other conditions,” the release stated.
It’s unclear what a possible merger could mean for the two local riverboats.
Penn National Gaming has a total of 29 casino properties across the country. Pinnacle has 16.