Deal Snapshot
PENN NATIONAL GAMING COMPLETES ACQUISITION OF GREEKTOWN CASINO-HOTEL
Friday 24 May 2019

Pennsylvania, US-based casino operator Penn National Gaming, Inc. (PENN: NASDAQ) has completed the purchase of the operations of Greektown Casino-Hotel in Detroit, Michigan from JACK Entertainment, LLC for approximately USD 300m in cash, the company said.
The transaction was financed with a combination of cash on hand and incremental borrowings under the company's revolving credit facility. The purchase price represents a multiple of approximately 6.3x anticipated annual run-rate adjusted EBITDA, inclusive of synergies to be realized within eighteen months.


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Details
Date Published: 24/05/2019
Target: Operations of Greektown Casino-Hotel in Detroit, Michigan
Country: USA
Deal Size: 300m (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: JACK Entertainment
Buyer: Penn National Gaming
Comment:
Simultaneous with the closing of the transaction, Penn National entered into a triple net lease agreement with VICI Properties Inc. (NYSE: VICI) for the Greektown facility.

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