Tags: GLPI | Pinnacle | Real Estate | Gaming and Leisure Properties

GLPI Offers to Buy Pinnacle Real Estate Assets for $4.1 Billion

Monday, 09 Mar 2015 10:04 AM

Gaming and Leisure Properties Inc. offered to buy Pinnacle Entertainment Inc.’s real estate assets in a deal valued at $4.1 billion including debt.

The offer is in line with Pinnacle’s plan announced in November that it will separate its operating business and real estate assets, Wyomissing, Pennsylvania-based GLPI said in a statement Monday.

Pinnacle owns and operates 15 gambling properties in Colorado, Indiana, Iowa, Louisiana and Mississippi, among other states. The casino operator is splitting in two following a similar move by Penn National Gaming Inc. in 2013. Other companies have also pursued the strategy, including CBS Corp., owner of the most-watched television network, which last year spun off its billboard business into a publicly traded real estate investment trust that it’s used to pursue a least one acquisition.

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Gaming and Leisure Properties Inc. offered to buy Pinnacle Entertainment Inc.'s real estate assets in a deal valued at $4.1 billion including debt.The offer is in line with Pinnacle's plan announced in November that it will separate its operating business and real estate...
GLPI, Pinnacle, Real Estate, Gaming and Leisure Properties
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2015-04-09
Monday, 09 Mar 2015 10:04 AM
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