Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Keeps Buy on Penn National


Merill Lynch maintains its buy rating on Penn National Gaming (PENN).

Penn National agreed to acquire Argosy Gaming (AGY) in a cash deal valued at $2.2 billion. Analyst David Anders believes there are three strategic drivers to the transaction: diversification, property expansion opportunities, potentially lower borrowing costs.

He says the announcement permits Penn National to enter into three new jurisdictions: Lawrenceburg, Ind., Kansas City, Mo., and Sioux City, Iowa. Anders notes the combination would create one of the largest gaming operators in the U.S., with annual revenues of over $2 billion, over 700,000 square feet of gaming space, and 20,000 gaming devices.

He keeps the $47 target, which could be conservative.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus