(KPLC) - "Penn National Gaming, Inc." and "Pinnacle Entertainment," have announced Penn National will acquire Pinnacle in a cash and stock transaction valued at approximately $2.8 billion.
Pinnacle owns L'Auberge Casino Resort in Lake Charles.
The transaction has been approved by the boards of directors of both companies and is expected to close in the second half of 2018.
"We're really eager to get into the Louisiana market and into Lake Charles, in particular, also this agreement would also include three other properties in the Louisiana, so it's a significant footprint in the Louisiana of just tremendous properties and resorts there," said Eric Shippers, Penn National Senior V.P. of Public Affairs.
The agreement also includes L'Auberge Casino & Hotel Baton Rouge as well as Boomtown Casino and Hotel in New Orleans & Bossier City.
Adding to Penn's 53,500 slots, 1,300 tables, 8,300 hotel rooms and 35,000 employees.
"One of the really great things here, is the ability to combine two of the industry's leading players databases for increased promotional opportunities and the ability to drive more visitation to our Las Vegas properties," said Shippers. "We own the Tropicana on the Las Vegas strip as well as M Resort of Henderson, so guests will be able to benefit from the combined strengths of our two companies."