Penn National ready to ‘pounce’
In an interview with Bloomberg News, Penn National Gaming’s Chief Executive
Officer Peter Carlino turned up the heat on financially troubled Strip casino operators.
Penn National, which reports quarterly earnings Thursday, is the most often-mentioned gaming company that is interested in acquiring Strip gaming property. The company has $1.48 billion in cash from an aborted buyout attempt last year.
With debt-strapped MGM Mirage and Harrah’s Entertainment possibly being forced to sell off some casino holdings, Carlino is waiting for the opportunity.
“We’re watching things very closely but will pounce only when the sun, moon and stars align,” Carlino told Bloomberg in an e-mail last month. “Penn National can wait as long as need be to make acquisitions that will be opportunistic and, more importantly, return-focused.”
