Penn buys Harrah's St. Louis

Mortis

Mortis

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Penn National, who owns Hollywood casinos among other casinos, is set to buy Harrah's in St. Louis for $610M. Penn National is also known to host WPT tournaments often in their casinos. Harrah's is itself known for hosting wsop tournaments, though it's not uncommon for the WPT and WSOP to host tourneys in other casinos.

http://www.marketwatch.com/story/pe...louis-for-610m-2012-05-08?link=MW_latest_news

CHICAGO (MarketWatch) -- Penn National Gaming Inc. said late Monday that it will buy Harrah's St. Louis from debt-laden Caesars Entertainment Corp. for $610 million. Upon closing, which the company expects to occur in the second half of this year, Penn will re-flag the property under its existing Hollywood brand.

Penn plans to finance the deal via an add-on to its existing credit line, which will raise its debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio -- a closely-watched industry metric -- to 3.25 times from 2.75.

"The planned addition of Harrah's St. Louis will further expand Penn National's regional operating platform with a facility that is extremely well-positioned in a large metropolitan market," said Peter Carlino, chief executive of Penn, in announcing the transaction.
 
smd173

smd173

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I'm not sure how good that will be for St. Louis area players. Although I guess it's better than having Harrah's St. Louis close down.
I have never been to the Hollywood/Penn National property in Harrisburg, PA because I've heard their poker room is small and not well run. It definitely ranks low among the other PA poker rooms.
 
Charade You Are

Charade You Are

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$610 million not much if the US passes poker legislation. Their share of the estimated $6 billion online US poker market could be $400-$600 million.

I believe they have an online site now for play money for US players.
 
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