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Non-Tech : Penn National Gaming, Inc. (PENN)

PENN 15.10

+3.1%

Dec 26 9:30 AM EST

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From: JakeStraw	11/8/2006 12:33:13 PM
	of 51

Penn National Gaming to purchase Zia assets biz.yahoo.com bizjournals.com Wednesday November 8, 12:11 pm ET Penn National Gaming, owner of Hollywood Casino in Tunica, has announced a definitive agreement to purchase the assets of Zia Partners LLC, which are primarily comprised of Zia Park Racetrack and its Black Gold Casino on about 320 acres, for $200 million. The acquisition will expand Penn's (NASDAQ: PENN) reach into the New Mexico gaming and racing market and is expected to be immediately accretive to earnings upon closing, which should occur in mid-2007. The transaction must be approved by the New Mexico Gaming Control Board and New Mexico Racing Commission as well as other regulatory bodies. Located in Hobbs, New Mexico, Zia Park is an integrated thoroughbred and quarterhorse racetrack and gaming facility. The facility's Black Gold Casino features 750 slot machines as well as the Black Gold Buffet, Black Gold Steakhouse and the Home Stretch Bar & Grill. Zia Park reported that its operations generated approximately $69.7 million in revenue as of Sept. 30. Peter Carlino, CEO of Penn National, says the company is looking forward to entering the New Mexico market. "Zia Park is an attractively valued acquisition that is just two years old and does not require significant capital expenditures," Carlino says. "The facility's success in attracting patrons from west Texas has driven revenue growth during its first two years of operations. We look forward to completing this transaction and welcoming Zia Park employees to Penn National."

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