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PENN

Penn National

$33.25

0.19 (0.57%)

, VICI

VICI Properties

$20.60

0.07 (0.34%)

07:06
06/19/18
06/19
07:06
06/19/18
07:06

Penn National to aquire Margaritaville Resort Casino operations for $115M

Penn National (PENN) announced that it has entered into a definitive agreement to acquire the operations of Margaritaville Resort Casino in Bossier City, Louisiana for approximately $115M cash in a transaction that is expected to be immediately accretive to operating results upon closing. Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties (VICI) for the Margaritaville facility. The lease will have an initial annual rent of approximately $23M and an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be 1.9x and the tenant's obligations under the lease will be guaranteed by Penn National. The proposed transaction will further expand Penn National's regional gaming platform with a property that is complementary to its pro-forma operating base following the completion of the company's pending acquisition of Pinnacle Entertainment (PNK). Upon closing the Margaritaville transaction and the pending Pinnacle transaction, Penn National's portfolio of regional gaming facilities will increase to 40 properties in 18 jurisdictions. Penn National does not anticipate that this transaction will alter the company's expectation that it will end the year with net rent-adjusted leverage in the mid-5x range, pro forma for the completion of the Pinnacle acquisition. The transaction, expected to close in the second half of 2018, is subject to the approval of the Louisiana Gaming Control Board and other customary closing conditions.

PENN

Penn National

$33.25

0.19 (0.57%)

VICI

VICI Properties

$20.60

0.07 (0.34%)

PNK

Pinnacle Entertainment

$33.59

0.09 (0.27%)

  • 31

    Jul

PENN Penn National
$33.25

0.19 (0.57%)

05/14/18
JEFF
05/14/18
NO CHANGE
JEFF
Jefferies says Penn National, Caesars among winners from sports gaming ruling
After the Supreme Court ruled that the PASPA provision prohibiting state authorization of organized sports gambling violates the tenth amendment, Jefferies analyst David Katz reiterated his view on which companies are positioned to be key beneficiaries of the decision. He continues to identify Penn National (PENN) and Caesars (CSR) as among the top winners in terms of casino operators, followed by Eldorado Resorts (ERI), Churchill Downs (CHDN), Boyd Gaming (BYD), Monarch Casino (MCRI), and MGM Resorts (MGM). He also sees "location-agnostic" suppliers Scientific Games (SGMS) and International Game (IGT) as winners, Katz tells investors.
05/15/18
BOFA
05/15/18
NO CHANGE
BOFA
Supreme Court ruling on sports betting positive for regionals, game tech, says BofA/Merrill
BofA/Merrill analyst Shaun Kelley notes that the Supreme Court ruled 6-3 to repeal the Professional and Amateur Sports Protection Act, which had effectively banned full sports betting in every state except Nevada. While the analyst expects operator margins to be low, he sees upside for all of regional gaming, while gaming tech could be a key beneficiary. Reflecting sports betting in higher multiples, Kelley raised his price targets for Boyd Gaming (BYD) to $45 from $42, Penn National (PENN) to $36 from $32, Scientific Games (SGMS) to $70 from $60, and International Game (IGT) to $36 from $34.
06/08/18
JPMS
06/08/18
UPGRADE
Target $40
JPMS
Overweight
Penn National reinstated with an Overweight from Neutral at JPMorgan
JPMorgan analyst Joseph Gref upgraded Penn National Gaming to Overweight from Neutral and raised his price target for the shares to $40 from $26 following a period of restriction. The analyst sees a favorable setup for the shares given an "attractive regional gaming landscape" and the company's margin improvement initiatives. He "reasonably" sees adjusted EBITDAR margins expanding into the low 30%s from 2017's 27.9%.
06/08/18
06/08/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. ConocoPhillips (COP) upgraded to Outperform from Market Perform at Bernstein with analyst Bob Brackett saying the company's "stalwart global portfolio" and Brent pricing helps insulate it from Permian congestion impacting other E&Ps. 2. DexCom (DXCM) upgraded to Overweight from Neutral at JPMorgan with analyst Robbie Marcus saying glucose measurement is becoming an essential tool for patients and DexCom, with the launch of the G6, is the "clear market leader" from a technological standpoint. 3. Penn National (PENN) reinstated with an Overweight from Neutral at JPMorgan with analyst Joseph Gref saying he sees a favorable setup for the shares given an "attractive regional gaming landscape" and the company's margin improvement initiatives. 4. Marathon Oil (MRO) upgraded to Buy from Hold at Tudor Pickering. 5. Quest Diagnostics (DGX) upgraded to Outperform from Market Perform at William Blair with analyst Amanda Murphy citing the recent UnitedHealthcare (UNH) contract change and positive secular trends for larger labs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VICI VICI Properties
$20.60

0.07 (0.34%)

02/26/18
02/26/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walmart (WMT) initiated with a Neutral and Target (TGT) initiated with an Outperform at Credit Suisse. 2. Hudson (HUD) initiated with a Buy at Goldman Sachs, a Buy at UBS, an Equal Weight at Morgan Stanley and an Outperform at Credit Suisse. 3. VICI Properties (VICI) initiated with a Buy at Stifel, a Neutral at Goldman Sachs and an Equal Weight at Barclays. 4. Sage Therapeutics (SAGE) initiated with an Overweight at Morgan Stanley. 5. Sol-Gel Technologies (SLGL) initiated with a Buy at Jefferies and an Outperform at BMO Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/17/18
DBAB
05/17/18
INITIATION
Target $22
DBAB
Buy
VICI Properties initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Carlo Santarelli started VICI Properties with a Buy rating and $22 price target. The company offers "embedded growth at a compelling relative valuation," Santarelli tells investors in a research note.
03/27/18
UGAM
03/27/18
INITIATION
Target $23
UGAM
Buy
VICI Properties initiated with a Buy at Union Gaming
Union Gaming initiated VICI Properties with a Buy and $23 price target.
02/26/18
MSCO
02/26/18
INITIATION
Target $21
MSCO
Equal Weight
VICI Properties initiated with an Equal Weight at Morgan Stanley (pre-open)
Morgan Stanley analyst Thomas Allen started VICI Properties with an Equal Weight rating and $21 price target.
PNK Pinnacle Entertainment
$33.59

0.09 (0.27%)

12/19/17
UGAM
12/19/17
UPGRADE
Target $40
UGAM
Buy
Gaming and Leisure upgraded to Buy with $40 target at Union Gaming
Union Gaming analyst John DeCree upgraded Gaming and Leisure Properties (GLPI) to Buy from Hold and raised his price target for the shares to $40 from $39. The analyst sees a near-term valuation opportunity in the shares following Penn National's (PENN) acquisition of Pinnacle Entertainment (PNK). He believes Gaming and Leisure "extracted significant value from yesterday's transactions."
01/11/18
RHCO
01/11/18
UPGRADE
Target $41
RHCO
Buy
Gaming and Leisure Properties upgraded to Buy at SunTrust on Pinnacle deal
As reported earlier, SunTrust analyst C. Patrick Scholes upgraded Gaming and Leisure Properties (GLPI) to Buy from Hold and raised his price target to $41 from $38. The analyst says the key to the stock is the replacement of Pinnacle Entertainment (PNK) with a new deal partner BYD, adding that the market has not priced in all of the Penn National (PENN) deal accretion. Scholes also believes that Gaming and Leisure Properties should see a "robust M&A pipeline" that offers more positive catalysts.
01/22/18
DBAB
01/22/18
NO CHANGE
Target $38
DBAB
Buy
Penn National price target raised to $38 from $32 at Deutsche Bank
Deutsche Bank analyst Carlo Santarelli raised his price target for Penn National Gaming (PENN) to $38 after incorporating the Pinnacle Entertainment (PNK) acquisition into his model. The analyst sees "multiple paths" to further share appreciation and keeps a Buy rating on Penn shares.
12/19/17
UGAM
12/19/17
NO CHANGE
Target $35
UGAM
Buy
Penn National price target raised to $35 from $28 at Union Gaming
Union Gaming analyst John DeCree raised his price target for Penn National (PENN) to $35 and reiterates a Buy rating on the shares following the acquisition of Pinnacle Entertainment (PNK). The analyst believes the synergy and scale opportunity is "significant" and views the $100M cost-synergy target as "very beatable."

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Tenneco

$36.29

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TEN

Tenneco

$36.29

0.76 (2.14%)

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