Penn buys Hollywood Casino Corp.
| 04 March 2003 |    |
Wyomissing, Pa.-based Penn National Gaming, Inc., has completed its acquisition of Hollywood Casino Corp.
As previously announced, Hollywood Casino stockholders are receiving $12.75 per share in cash for each share of common stock.
In the Memphis region the company owns Hollywood Casino Tunica. The casino was designed to replicate a motion picture sound stage and features a 54,000 square-foot, single-level casino with about 1,600 slot machines and 40 table games. The Tunica casino's 505-room hotel is currently undergoing an $8 million renovation expected to be completed mid-year.
Lehman Brothers acted as financial advisor to Penn National Gaming and Goldman, Sachs & Co. served as financial advisor to Hollywood Casino Corp. in the transaction.
As previously announced, Hollywood Casino stockholders are receiving $12.75 per share in cash for each share of common stock.
In the Memphis region the company owns Hollywood Casino Tunica. The casino was designed to replicate a motion picture sound stage and features a 54,000 square-foot, single-level casino with about 1,600 slot machines and 40 table games. The Tunica casino's 505-room hotel is currently undergoing an $8 million renovation expected to be completed mid-year.
Lehman Brothers acted as financial advisor to Penn National Gaming and Goldman, Sachs & Co. served as financial advisor to Hollywood Casino Corp. in the transaction.
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