Casino operator Boyd Gaming has reportedly contacted Penn Entertainment to express its interest in acquiring the company.
Following reports of the approach, Boyd stock fell 3% to $51.90 while Penn’s shares jumped 8% to $19.89.
Boyd Gaming Makes Penn Entertainment Takeover Approach hovers around the $2.7 billion mark while estimates suggest that the company has an actual market value of around $9 billion once debt is included.Boyd Gaming’s market cap sits at $5.09 billion while the company has a market value of around $7.8 billion including debt.
Boyd Gaming Makes Penn Entertainment Takeover Approach Boyd Gaming Makes Penn Entertainment Takeover ApproachBased in Las Vegas, Boyd has 28 gaming entertainment properties across 10 U.S. states. The company also runs a tribal casino in California and maintains a 5% state in Flutter’s FanDuel.
Meanwhile Penn operates 43 racetracks and casinos in 20 U.S. states. The company also offers online sports betting and online casino gambling through its deal with Disney that sees it operate the ESPN Bet brand.
Boyd Gaming Makes Penn Entertainment Takeover ApproachNeither Penn nor Boyd have commented on the reports as of yet.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.