Penn National Known for Shrewd Moves

12 Aug 2004

ST. LOUIS, Missouri – As reported by the St. Louis Today: "Penn National Gaming Inc.'s agreement to buy the President Casino on the Admiral underscores its penchant for expanding through shrewd acquisitions, a Wall Street analyst said Wednesday.

"'Penn National is a very savvy gaming company,' said Marc Falcone, who follows the casino industry for Deutsche Bank in New York. 'They historically find assets that are being overlooked or underappreciated.'

"President Casinos Inc. said Tuesday that it had agreed to sell its casino on Laclede's Landing in downtown St. Louis to Penn National for $28 million in cash.

"At that price - roughly 2 1/2 times the casino's annual cash flow - Penn National could recoup its investment quickly and then decide whether to invest in a bigger, more-luxurious operation downtown, Falcone said…"

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	Penn National Known for Shrewd Moves 12 Aug 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> ST. LOUIS, Missouri – As reported by the St. Louis Today: "Penn National Gaming Inc.'s agreement to buy the President Casino on the Admiral underscores its penchant for expanding through shrewd acquisitions, a Wall Street analyst said Wednesday. "'Penn National is a very savvy gaming company,' said Marc Falcone, who follows the casino industry for Deutsche Bank in New York. 'They historically find assets that are being overlooked or underappreciated.' "President Casinos Inc. said Tuesday that it had agreed to sell its casino on Laclede's Landing in downtown St. Louis to Penn National for $28 million in cash. "At that price - roughly 2 1/2 times the casino's annual cash flow - Penn National could recoup its investment quickly and then decide whether to invest in a bigger, more-luxurious operation downtown, Falcone said…"

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Penn National Known for Shrewd Moves