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Stock Market & Financial Investment News

News Breaks
February 6, 2014
07:19 EDTGLPI, PENNPenn National sees Massachusetts Gaming Commission decision later this monthGaming and Leisure Properties
Penn National (PENN) said, ďLater this month, we expect a decision from the Massachusetts Gaming Commission regarding our application for the stateís sole Category 2 gaming license...We look forward to the Massachusetts Gaming Commissionís decision later this month and believe we are the best suited among the three competitors for the license to maximize revenue to the state on a near- and long-term basis. In this regard, if selected, and at the Gaming Commissionís discretion, Penn National Gaming is prepared to open a temporary facility as early as the third quarter of this year with the permanent facility opening planned for the first half of 2015...in Pennsylvania, we have a proposal being considered by the Pennsylvania Gaming Control Board for a new gaming and entertainment destination in Philadelphia, where we are one of five applicants. We are also working on the development of an integrated racing and gaming facility in Lawrence County, near Pittsburgh, the last of the Category 1 sites in Pennsylvania. A decision on the Philadelphia proposal is expected in the second quarter of 2014. If selected, GLPI is committed to provide funding for certain parts of both of these projects."
News For PENN;GLPI From The Last 14 Days
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July 30, 2015
07:16 EDTGLPIGaming and Leisure Properties lowers FY15 AFFO view to $2.68 from $2.70
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07:14 EDTGLPIGaming and Leisure Properties sees Q3 AFFO 68c, consensus 68c
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07:12 EDTGLPIGaming and Leisure Properties reports Q2 AFFO 66c, consensus 69c
Reports Q2 revenue $163.8M, consensus $163.42M.
July 28, 2015
10:00 EDTPENNNevada reports June statewide gaming win down 8.4% to $830.94M
Reports June Las Vegas Strip gaming win down 16.3% to $445.51M. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
July 24, 2015
17:13 EDTGLPIPinnacle Entertainment reports 21.3% stake in Gaming and Leisure Properties
July 23, 2015
07:08 EDTPENNPenn National sees Q3 EPS 18c, consensus 12c
Sees Q3 revenue $728.2M, consensus $710.61M.
07:08 EDTPENNPenn National raises FY15 EPS view to 58c from 46c
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07:07 EDTPENNPenn National reports Q2 EPS 19c, consensus 14c
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July 21, 2015
09:21 EDTGLPIOn The Fly: Pre-market Movers
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07:59 EDTGLPIPinnacle Entertainment to host conference call
Conference call to discuss agreement that Gaming and Leisure Properties, Inc. will acquire real estate assets will be held on July 21 at 11 am. Webcast Link
07:53 EDTGLPIGaming and Leisure to host conference call
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07:30 EDTPENNPenn National price target raised to $23 from $20 at Susquehanna
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07:14 EDTGLPIGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
Gaming and Leisure Properties (GLPI) and Pinnacle Entertainment (PNK) jointly announced that they have entered into a definitive agreement under which GLPI will acquire substantially all of Pinnacle's real estate assets in an all-stock transaction. Under the terms of the agreement, which was unanimously approved by both companies' boards, Pinnacle's operating business and the real property of Belterra Park Gaming & Entertainment will be spun off into a separately traded public company and the real estate assets held by the remaining company will be acquired by GLPI. Pinnacle shareholders will receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo. Pinnacle shareholders will also receive one share of OpCo common stock for each share of Pinnacle they own. The agreed-upon exchange ratio gives PropCo an implied enterprise value of $4.75B, implying 12.6x initial year PropCo adjusted earnings before interest, taxes, depreciation and amortization, or 13.2x including transaction-related fees and expenses. Pro forma for the transaction, existing Pinnacle shareholders will own 100% of OpCo and approximately 56M shares in GLPI, representing an approximate 27% equity interest in the larger, post-transaction GLPI. Pinnacle's OpCo will continue to own and operate other assets, including Belterra Park Gaming & Entertainment, the Heartland Poker Tour, Pinnacle's interest in Retama Park, gaming licenses, gaming equipment as well as approximately 450 acres of developable land, principally in Lake Charles and Baton Rouge, adjacent to real estate GLPI would acquire. After the close of the transaction, which the companies expect will be completed in the first quarter of 2016, Pinnacle will operate the leased gaming facilities under a triple-net 10-year Master Lease agreement with GLPI that will have five subsequent, five-year extension periods at Pinnacle's option. Pinnacle will initially pay GLPI $377M in rent in the first year after close, which will result in a lease coverage ratio of 1.9x adjusted property earnings before interest, taxes, depreciation, amortization and rent/lease expense. GLPI anticipates the transaction will deliver low double-digit percentage accretion to its pro forma adjusted funds from operations per share in the first year after close. Under the triple-net lease structure, GLPI will benefit from the continued revenue growth of Pinnacle's operating assets. The combined REIT expects to continue to distribute at least 90% of its annual taxable income as dividends, and the first full year dividend per share is expected to increase by approximately a low double-digit percentage.
07:12 EDTGLPIGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
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July 20, 2015
07:44 EDTPENN, GLPIRegional Gaming estimates raised at BofA/Merrill
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