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Penn National Buys M Resort Debt For $230.5 Million

DOW JONES NEWSWIRES Penn National Gaming Inc. (PENN) said it has bought the debt backed by the M Resort, an off-the-strip resort and casino near Las Vegas, for $230.5 million. The casino operator has been expanding its operations using its strong cash flow. It has performed relatively well even though reduced consumer spending has brought prolonged suffering to the sector, Moody's Investors Service said Monday. Penn National early this year weighed the possibility of taking control of the Fontainebleau Las Vegas, a stalled casino hotel development on the Las Vegas Strip. The company said Friday it purchased the bank debt on the entity that owns the property, as well as $160 million of subordinated debt, from Bank of Scotland PLC, a unit of Lloyds Banking Group PLC (LYG, LLOY.LN). The subordinated debt was formerly held by MGM Resorts International (MGM). The resort, on the south side of the city, opened last year just as visitation to the area was slumping. It features 390 rooms and more than 92,000 square feet of gambling space. The property represents Penn National's first major investment in the Las Vegas area. Penn National shares closed Thursday at $30.86 and were inactive premarket. The stock has gained 14% this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for Penn National (PENN)
12/02/201617:20:38Statement of Changes in Beneficial Ownership (4)
12/01/201617:36:36Statement of Changes in Beneficial Ownership (4)
12/01/201617:35:58Statement of Changes in Beneficial Ownership (4)
11/23/201616:07:14Statement of Changes in Beneficial Ownership (4)
11/15/201610:09:07Statement of Ownership (sc 13g)
11/15/201606:25:51Statement of Ownership (sc 13g)
11/08/201606:45:00Gaming and Leisure Properties, Inc. Announces Third Quarter 2016...
11/04/201613:02:20Quarterly Report (10-q)
10/27/201616:55:05Current Report Filing (8-k)
10/27/201607:00:00Penn National Gaming Reports Third Quarter Revenue of $765.6...
10/20/201617:31:02Current Report Filing (8-k)
10/20/201617:30:35Current Report Filing (8-k)
10/20/201616:16:00Penn National Gaming Names William J. Fair Chief Financial Officer
10/20/201616:15:00Penn National Gaming Refinances Development and Construction...
10/18/201607:45:00Scientific Games Secures Comprehensive Agreement with Penn National...
10/10/201610:30:00Penn National Gaming to Report Third Quarter Results and Host...
10/05/201609:00:00Hollywood Casino Jamul – San Diego to Open on October 10, 2016
08/09/201607:00:00Gaming and Leisure Properties, Inc. Announces Second Quarter...
08/05/201615:15:13Quarterly Report (10-q)
08/03/201616:58:53Current Report Filing (8-k)

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