Penn National Gaming Inc. and Pinnacle Entertainment Inc. have been in merger talks but so far have not been able to come to terms, according to the Wall Street Journal. However, Penn National, based in Wyomissing, Pennsylvania, remains interested in buying Las Vegas-based Pinnacle, the report said.
Shares for both Penn National and Pinnacle recently reached record highs, with Penn National increasing by 8 percent to $24.74 and Pinnacle rising 14.1 percent to $24.94. Penn National posted a market capitalization of about $2.09 billion and Pinnacle was valued at $1.26 billion. The combined companies have an enterprise value of about $10.69 billion, according to Thomson Reuters data.
Penn National operates 27 facilities in the U.S. and Canada, including the Tropicana Las Vegas and the Hollywood Casino at Charles Town Races. Pinnacle owns and operates 16 gaming properties, including the Meadows Casino in Washington, Pennsylvania, and Boomtown Casino Hotel in New Orleans.
