Sale Boosts Penn National Shares
15 Oct 2004
CHICAGO, Illinois – As reported by the CBS Market Watch: "Shares of Penn National Gaming Inc. rolled more than 6 percent higher Friday after the racing and casino company said it will sell a harness track and a handful of OTBs to an Indian gambling operation for $280 million.
"Before the bell, Penn (PENN) said it reached deal to sell its Downs Racing unit and subsidiaries to the Mohegan Tribal Gaming Authority. Penn expects proceeds of $175 million after taxes, fees and expenses, and said it will use the sum to reduce debt.
"…Shares of Penn were up 5.7 percent, or $2.23, at $41.25 in midday trading."