Belterra Casino Resort in Switzerland County is now under new ownership.
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(Switzerland County, Ind.) - Belterra Casino Resort in Switzerland County officially has a new owner.
Hollywood Casino Lawrenceburg owner Penn National Gaming is buying former Belterra parent company Pinnacle Entertainment in a $2.8 billion deal. It was first announced late last year, and is just about complete.
To address antitrust concerns in the local gaming market, Pinnacle had to sell off Belterra Casino in Florence, Indiana. On Monday, Las Vegas-based Boyd Gaming completed a deal to buy Belterra and three other Pinnacle Entertainment properties posing similar market anti-trust concerns in two other states.
Boyd Gaming is purchasing the four Pinnacle casinos, including Belterra Park in Cincinnati, for $575 million.
"By adding these four high-quality properties, we have significantly expanded our portfolio and enhanced our free cash flow profile at a compelling multiple," said Keith Smith, President and CEO of Boyd Gaming. "We have gained a strong presence in three of the Midwest's largest gaming markets, with access to millions of potential new customers. We are pleased to welcome the Ameristar and Belterra team members to Boyd Gaming, and look forward to great success together."
With regulatory approvals in hand, the deal all but completes the mega-merger between Penn National and Pinnacle. Penn National Gaming now brags 49,000 gaming machines, 1,200 table games and nearly 9,000 hotel rooms, and employ more than 30,000 team members in 40 facilities across 18 states.
Penn National Gaming CEO Timothy J. Wilmott says the company is poised for continues growth with a portfolio of premiere gaming facilities.
“Our acquisition of Pinnacle Entertainment marks a significant milestone in Penn National’s 24-year history of growth as a public company, which has been predicated on our unwavering commitment to deliver exceptional entertainment to customers, support for the local communities where we operate and enhancement of value for our shareholders,” said Wilmott.
Belterra Casino has maintained very respectable revenues for a riverboat casino located between two major metropolitan areas - Cincinnati and Louisville - with other, closer gaming options. In the first half of 2018, the casino brought in $54.5 million in gaming revenue and attracted 475,984 visitors in six months.
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