Boyd Gaming is exploring the acquisition of Penn Entertainment in a deal valued at over $9 billion, including debt. This potential merger would be one of the largest in the U.S. gambling industry since Eldorado Resorts acquired Caesars Entertainment for $17.3 billion in 2020. The merger presents significant challenges for Boyd, which has a market value of $7.8 billion including debt. Regulatory approval from multiple states and addressing concerns from Disney, a strategic partner of Penn through its ESPN brand, are key hurdles. Penn Entertainment operates 43 casinos and racetracks in 20 U.S. states, alongside a prominent online gambling presence. This move reflects activist investor pressure and strategic adjustments in the face of higher interest rates and volatile market conditions. Boyd Gaming’s merger with Penn would necessitate stakeholder approvals and potential divestitures due to overlapping operations.

Gambling & Casinos, Online Sports Betting, Mergers & Acquisitions, Investment & Activist Investors,United States

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