Boyd Gaming to acquire four Pinnacle assets

18 December 2017

(PRESS RELEASE) -- Boyd Gaming Corporation today announced that it has entered into a definitive agreement with Penn National Gaming, Inc. to acquire the operations of Ameristar St. Charles (Missouri); Ameristar Kansas City (Missouri); Belterra Casino Resort in Florence, Indiana; and Belterra Park Gaming & Entertainment Center in Cincinnati, Ohio. The acquisition of these assets is in connection with Penn National's proposed acquisition of Pinnacle Entertainment, Inc., also announced today.

Under terms of the agreement, Boyd Gaming will pay total cash consideration of $575 million to acquire the four assets, representing a multiple of 6.25 times projected EBITDA before synergies. The Company expects the transaction to be free cash flow positive and immediately accretive to earnings.

"This transaction is a compelling opportunity to diversify and expand our nationwide portfolio into new markets at an attractive price," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. "By adding these four high-quality, well-maintained assets to our portfolio, we will gain strong positions in three of the largest metropolitan areas in the Midwest. This transaction will expand our Company's size and scale, grow our customer base, and further enhance our substantial free cash flow profile."

As part of the transaction, Boyd Gaming will enter into a master lease agreement with Gaming and Leisure Properties, Inc., which owns the real estate of Ameristar St. Charles, Ameristar Kansas City and Belterra Casino Resort. GLPI has entered into an agreement to purchase the real estate of Belterra Park from Penn National, and Belterra Park's real estate will be leased to Boyd Gaming as part of Boyd Gaming's master lease agreement with GLPI. The terms of Boyd Gaming's lease agreement will be substantially similar to Pinnacle's current master lease with GLPI.

Boyd Gaming expects the transaction to close in the second half of 2018, subject to the satisfaction of customary closing conditions and the receipt of all required regulatory approvals. The transaction is also contingent upon the successful completion of Penn National's proposed acquisition of Pinnacle. The Company intends to finance the transaction through cash flow from operations and availability under its existing credit facility.

Related Links
Boyd Gaming Corporation Gaming Vendor Information
Penn National Gaming, Inc. Gaming Vendor Information
Boyd Gaming Ownership Details
Penn National Gaming Ownership Details
Ameristar Kansas City Details
Ameristar St. Charles Details
Belterra Casino Resort Details
Belterra Park Gaming & Entertainment Center Details

Featured Vendors
Intercard, Inc.
Casino Schedule Ease
Intercard, Inc.
The world leader in debit card technology with 30+ years of experience in over 3,500 locations
Casino Schedule Ease
Removing the chaos from casino staff scheduling one property at a time
Rymax Marketing Services, Inc.
Regulatory Management Counselors, P.C.
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Regulatory Management Counselors, P.C.
Over 35 years of experience serving the legal and regulatory needs of casino industry clients
Casino Network
iView Systems
Casino Network
20+ years experience selling refurbished slot machines, parts & glass for all major brands
iView Systems
Case management, incident, dispatch, identification and visitor reporting solutions for gaming.
Magenta Research
Casino City Press
Magenta Research
The Leader in AV Switching and Extension.
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Payline Videos
Nathan Associates Inc.
Payline Videos
Custom Video Solutions for Casinos & Gambling Websites!
Nathan Associates Inc.
One of the oldest and most respected economic consulting firms in the U.S.
Zem Media
Tejas Slots LLC
Zem Media
Enhance the Guest Experience with Digital Signage Solutions featuring Easy-to-Use Content Management
Tejas Slots LLC
Upgrade Your Gaming Equipment & Generate Texas-Sized Revenues for Your Business
Slot Machines Unlimited
Sunkist Graphics, Inc.
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Multi-Choice Cash (MCC)
Tableswin S.r.l.
Multi-Choice Cash (MCC)
Customized Cash Access Solutions for Gaming. Helping You Maximize Cash to the Casino Floor.
Tableswin S.r.l.
TablesWin represents the connection between technology, design and art.
Atrient
TribalNet
Atrient
Promotions, offers & drawings - how loyalty is rewarded.
TribalNet
19th Annual TribalNet Conference and Tradeshow Nov 5-8, 2018 Hard Rock Hotel and Casino Las Vegas


Your Guide to 16,309 Gaming Industry Suppliers