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Penn National enters Michigan with Greektown Casino deal

24th May 2019 8:06 am GMT

New York-listed gaming and racing operator Penn National Gaming has completed the acquisition of Michigan land-based casino operator Greektown Casino-Hotel for $300m.

The acquisition from Jack Entertainment further expands and diversifies Penn National’s regional gaming portfolio to 42 properties in 19 jurisdictions.

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 [...]

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