Penn National Gaming announced Monday they will purchase Pinnacle Entertainment, the company which owns L’Auberge Casino & Hotel Baton Rouge, in a deal valued at $2.8 billion.
The acquisition means Penn will own 41 casinos and properties across the U. S., including four Louisiana casinos – L’Auberge Casino & Hotel Baton Rouge, L’Auberge Casino Resort Lake Charles, Boomtown Casino and Hotel New Orleans, and Boomtown Casino and Hotel Bossier City.
The Advocate reports Penn spun off a real estate holding trust in 2013, and that Pinnacle sold its Louisiana properties to the trust in 2016. Since then it has been making multimillion-dollar rent payments on the riverboat space leased to their hotels by Penn.
Penn National will sell off four of Pinnacle’s properties as part of the deal, two of which are in Missouri, one in Ohio and one in Indiana.
Image: L’Auberge Casino & Hotel Baton Rouge