![]() The deal also valued Penn National at nearly 35 times projected 2007 earnings per share, according to Reuters Knowledge - underscoring enthusiasm in an area private equity used to eschew.Ĭasino operators Boyd Gaming Corp. PENN.O for $6 billion - a 30 percent premium to the casino and racetrack operator's market capitalization at the time. ![]() At the same time, a licensing bottleneck that had restricted gaming buyouts has fallen away.Ī Fortress-led group announced plans last month to buy Penn National Gaming Inc. The allure of assets like these was once lost on private equity, but a shifting leveraged buyout scene is causing firms to roll the dice on this business.Ī key reason is that gaming companies have real estate assets that look cheap compared with the office and residential sides of that sector. ![]() A marquee for Harrah's Las Vegas hotel and casino is seen across the Strip from Caesars Palace in Las Vegas, Nevada, early July 15, 2004. ![]()
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