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Penn National Eyes Riverboat Gaming7 July 2000July 7, 2000 - As reported by thedailydeal.com: "In its bid to diversify from horse tracks, Penn National Gaming Inc. has entered acquisition talks with Miami-based Carnival Resorts and Casinos, the Wyomissing, Pa.-based company revealed Thursday. "If a deal with CRC happens, it will be Penn's second involving a casino in the past nine months and the first involving riverboat gaming. Penn had announced a $195 million deal to acquire two casinos in Mississippi from Pinnacle Entertainment Inc. in December. "…Carnival Corp., the cruise line company, owns notes giving it upward of 45% ownership of CRC, which, in turn, holds a majority stake in Louisiana Casino Cruises Inc. That company owns and operates a riverboat gaming facility in Baton Rouge, La. "…CRC CFO W. Peter Temling declined to say how much his company was seeking via the talks with Penn, but he said that his company `had been looking for strategic opportunities for some time...'" |