Pinnacle Entertainment: We Haven't Reached The Pinnacle Yet
47% Upside To Pinnacle
Chris DeMuth Jr. • 25 Comments
Chris DeMuth Jr. • 25 Comments
Tue, Apr. 19, 5:28 PM
- Global Payments (GPN -0.4%) has risen 1.5% after hours on news it's heading into the S&P 500, replacing GameStop (NYSE:GME).
- The game retailer is changing places with Global Payments and heading into the MidCap 400, as Global Payments' market cap will be more reflective of the 500 after its acquisition of Heartland Payment Systems.
- Those moves are effective after the close on Friday. In addition, Krispy Kreme Doughnuts (NYSE:KKD) is up 3.9% after hours, replacing Pinnacle Entertainment (NASDAQ:PNK) in the SmallCap 600, as Pinnacle is heading for a spinoff/merger.
- Now read Has A Window Opened To Acquire A Great Acquirer In Global Payments? »
Wed, Jan. 20, 10:40 AM
- Casino stocks are getting battered as the cases for revenue recoveries in Macau and Las Vegas start to crumble. Analysts note that the correlation between stock market turmoil and a drop in VIP casino traffic is hard to ignore.
- Major losses are being racked up by Wynn Resorts (WYNN -10.1%), Melco Crown (MPEL -9.7%), MGM Resorts (MGM -9.5%), Las Vegas Sands (LVS -8.7%), Caesars Entertainment (CZR -8.3%), Boyd Gaming (BYD -8.2%), Century Casinos (CNTY -7.6%), Pinnacle Entertainment (PNK -6.8%), and Penn National Gaming (PENN -6.1%).
- Related ETF: BJK.
Oct. 29, 2015, 10:13 AM
- Some casino stocks are catching bids on a down market day after MGM Resorts formally announces a plan to create a REIT. Positive developments in Macau and a strong read on Las Vegas RevPAR are also helping to tip sentiment.
- MGM Resorts (NYSE:MGM) is out in front of the sector with a 6.7% gain - while Churchill Downs (CHDN +5.5%), Entertainment Gaming (EGT), Wynn Resorts (WYNN +5.7%), Eldorado Resorts (ERI +7.5%), Las Vegas Sands (LVS +2.3%), and Boyd Gaming (BYD +1.2%) are all seeing some buying action.
- Pinnalce Entertainment (PNK -4%) is the sector laggard after missing with Q3 EPS.
- Previously: MGM Resorts to create REIT (Oct. 29 2015)
- Related ETF: BJK.
Jul. 7, 2015, 3:00 PM
- A raised bid for the real estate assets of Pinnacle Entertainment (PNK +5.6%) by Gaming and Leisure Properties (GLPI -2.9%) is putting pressure on Boyd Gaming (BYD +2.9%) to think about its possibilities, says Union Gaming analyst Christopher Jones.
- In addition, it could mean "considerable" value adjustment for MGM's regional assets, he notes.
- MGM is now up 4.3% this afternoon. Jones rates Boyd Gaming and MGM as Buys, along with GLPI.
- Previously: MGM, LVS, Wynn up sharply as Credit Suisse says "worst is over" for Macau (Jul. 07 2015)
Jul. 7, 2015, 9:14 AM
Jul. 7, 2015, 8:04 AM| Jul. 7, 2015, 8:04 AM
Apr. 14, 2015, 5:36 PM
Apr. 14, 2015, 4:30 PM
- According to the Journal's sources, Gaming and Leisure Properties (NASDAQ:GLPI) lifted its offer to just over $40 per share, or about $2.4B from the previous amount of $36 per share (all stock). Pinnacle Entertainment (NYSE:PNK) has until Thursday to respond.
- Previously: Pinnacle Entertainment issues statement on real estate offer (March 9)
- Previously: Pinnacle Entertainment soars as Gaming & Leisure bids for its real estate (March 9)
- PNK +1.3% after hours to $34.56.
Mar. 13, 2015, 5:40 PM
Mar. 9, 2015, 4:09 PM
- Pinnacle Entertainment (NYSE:PNK) confirms it received an unsolicited offer from Gaming and Leisure Properties last Friday for real estate assets.
- The company says it has legal advisers and Goldman Sachs helping to evaluate its strategic options.
- Pinnacle closed up 15.28% to $31.61 on volume almost 10X normal activity.
- Macquarie thinks the Gaming and Leisure offer is in line with the value Pinnacle had set on a standalone REIT conversion.
- Previously: Pinnacle Entertainment soars as Gaming & Leisure bids for its real estate
- Previously: REIT enthusiasm lifts regional casino stocks
Mar. 9, 2015, 12:45 PM
Mar. 9, 2015, 9:53 AM
- A powerful bid from Gaming & Leisure for Pinnacle's (PNK +18.6%) real estate is helping to give a lift to other regional casino stocks in early trading.
- The sector, which already has been an out-performer in 2015 due to a recovery in casino traffic amid lower gas prices in the U.S., has some underlying REIT potential bubbling under the surface, according to analysts.
- Previously: Pinnacle Entertainment soars as Gaming & Leisure bids for its real estate (Mar. 09 2015)
- Gainers: Isle of Capri (NASDAQ:ISLE) +2.3%, Boyd Gaming (NYSE:BYD) +7.0%, Penn National Gaming (NASDAQ:PENN) +2.1%, Century Casinos (NASDAQ:CNTY) +0.8%.
Mar. 9, 2015, 9:12 AM
Mar. 9, 2015, 8:53 AM
- Under the offer, Pinnacle (NYSE:PNK) owners would receive one share of OpCo (Pinnacle's operating business) and 0.5517 shares of Gaming and Leisure Properties (NASDAQ:GLPI) - which would include PNK's real estate assets - for each share of PNK they own. It works out to a price of about $36 per share vs. Friday's close of $27.42.
- GLPI's and PNK's combined property business would be the third-largest triple-net REIT, with all of the scale, diversification, and financial strength that position comes with, says GLPI.
- Alas, Pinnacle management has thus far shown little interest in engaging with GLPI.
- Investor presentation slides
- Previously: Pinnacle Entertainment rallies after earnings beat and REIT update (Feb. 12)
- GLPI +4.7%, PNK +24.1% to $34.02 premarket
Mar. 2, 2015, 10:15 AM
- Regional casino stocks show some early momentum as more positive signals for the sector filter in.
- Gainers: Isle of Capri (NASDAQ:ISLE) +8.9%, Pinnacle Entertainment (NYSE:PNK) +3.9%, Boyd Gaming (NYSE:BYD) +3.9%, Penn National Gaming (NASDAQ:PENN) +3.4%, Empire Resorts (NASDAQ:NYNY) +2.2%.
- A strong note from Macquarie recommending Isle of Capri to investors added some pep to the sector last week.
- Previously: Casinos love $2 gas (Feb. 28 2015)
Feb. 12, 2015, 10:19 AM
- Pinnacle Entertainment (PNK +7.3%) pops after scoring a resounding earnings beat with its Q4 report.
- The company's Midwest segment showed the strongest growth rate at 7.3%. Ameristar St. Charles (Missouri) and Ameristar East Chicago were top performers.
- Investors may also be latching on to the company's REIT update.
- Pinnacle has filed a private letter ruling with the IRS as part of the process and is exploring strategies to minimize share dilution.
Pinnacle Entertainment, Inc. owns, operates, and develops casinos, related hospitality and entertainment facilities. Its casinos include Belterra Casino Resort & Spa, Boomtown Hotel & Casino, Boomtown Casino, Heartland Poker Tour, L'Auberge Casino & Hotel, L'Auberge Casino Resort, LumiÃ¨re Place... More
Industry: Gaming Activities
Country: United States
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