Penn National To Pay $610M For Caesars' St. Louis Casino

Law360, New York (May 7, 2012, 8:34 PM EDT) -- Penn National Gaming Inc. will take over the Harrah’s St. Louis gaming and lodging facility from Caesars Entertainment Corp. for roughly $610 million, the firms said Monday.

Penn National said that an add-on to one of its existing credit facilities will help fund the purchase amount, which it noted is close to eight times that of the property’s before-interest yearly earnings, according to a statement by the firm.

Penn National, a gaming and racing facility owner focusing on slot machine entertainment, said it expects the deal...
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