GLPI to acquire all Pinnacle real estate, control five St. Louis casino properties

Photo courtesy of  Jeff Kubina/Flickr
Photo courtesy of Jeff Kubina/Flickr

Gaming and Leisure Properties Inc., or GLPI, which leases real estate to casino operators, announced it will acquire Pinnacle Entertainment Inc.’s real estate assets in a deal that gives the assets an enterprise value of $4.75 billion.

With the deal, Pennsylvania-based GLPI would add the River City Casino in south St. Louis County and the Ameristar Casino in St. Charles to its St. Louis-area portfolio, giving the company five of the six casino properties in the region. The real estate of the Lumière Place in downtown St. Louis would be the only local casino property not owned by GLPI.

Shareholders of Las Vegas-based Pinnacle will receive 0.85 shares of GLPI stock per Pinnacle share and one share of OpCo, a separate business being spun off from Pinnacle’s property business.

Read more from the St. Louis Business Journal and the St. Louis Post-Dispatch

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