godly

• Margaritaville Casino Bossier City
• Margaritaville Shreveport Jobs

WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”), announced today that it has entered into a definitive agreement to acquire the operations of Margaritaville Resort Casino in Bossier City, Louisiana (“Margaritaville”) for approximately $115 million cash in a transaction that is expected to be immediately accretive to operating results upon closing.

Aug 10, 2018  Margaritaville has plans to grow thanks to a new state law, allowing land-based casino expansions. The concepts and design they’re going for include a new resort called The Villas that’s four. NEW YORK-(BUSINESS WIRE)- VICI Properties Inc. (NYSE:VICI) (together with its affiliates, “VICI Properties” or the “Company”), an experiential real estate investment trust (“REIT”), today announced that it has entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets of the Margaritaville Resort Casino, located in Bossier City, Louisiana (“Margaritaville Resort Casino”), for approximately $261 million in cash, and Penn National.

Timothy J. Wilmott, Penn National’s Chief Executive Officer, stated, “We are pleased to partner with VICI Properties Inc. to structure this tuck-in acquisition of Bossier City’s newest casino resort, which is consistent with our criteria for transactions that are accretive to free cash flow, strategically diversify our revenue and operating base, and present well-defined paths to the realization of significant synergies. With a purchase multiple of 5.5x trailing twelve months adjusted earnings before interest, taxes, depreciation, amortization, and management fees which we believe declines to below 5.0x with synergies, Penn National believes this transaction further supports our efforts to enhance shareholder value.”

Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the Margaritaville facility. The lease will have an initial annual rent of approximately $23 million 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, Inc. (NASDAQ: PNK) (“Pinnacle”). Upon closing the Margaritaville transaction and the pending Pinnacle transaction (and taking into account announced divestitures), 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.

Built in 2013, Margaritaville Resort Casino is the premier venue for gaming, lodging, dining and entertainment experiences in Northern Louisiana. The property features 26,500 square feet of casino space, 395 hotel rooms, an island-style escape theme, 6 restaurants and food and beverage outlets, a 15,000 square foot 1,000-seat theater and 9,500 square feet of meeting space. Margaritaville Resort Casino generated adjusted EBITDAM of approximately $44 million for the twelve month period ended March 31, 2018.

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.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. At March 31, 2018, the Company operated twenty-nine facilities in seventeen jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada. At March 31, 2018, in aggregate, Penn National Gaming operated approximately 36,100 gaming machines, 810 table games and 4,800 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division.

Important Additional Information

In connection with the proposed Pinnacle transaction, on February 8, 2018, Penn filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that contains a joint proxy statement of Penn and Pinnacle and also constitutes a prospectus of Penn (the “joint proxy statement/prospectus”). The registration statement was declared effective by the SEC on February 28, 2018 and Penn and Pinnacle commenced mailing the definitive joint proxy statement/prospectus to their respective shareholders and stockholders on February 28, 2018. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Shareholders of Penn and stockholders of Pinnacle are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction and any other relevant documents filed or that will be filed with the SEC, as well as any amendments or supplements to those documents, because they contain or will contain important information. Investors may obtain a free copy of the registration statement and the joint proxy statement/prospectus, as well as other filings containing information about Penn and Pinnacle, without charge, at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by Penn can be obtained, without charge, by directing a request to Justin Sebastiano, Penn National Gaming, Inc., 825 Berkshire Boulevard, Suite 200, Wyomissing, Pennsylvania 19610, Tel. No. (610) 401-2029. Copies of the documents filed with the SEC by Pinnacle can be obtained, without charge, by directing a request to Vincent Zahn, Pinnacle Entertainment, Inc., 3980 Howard Hughes Parkway, Las Vegas, Nevada 89169, Tel. No. (702) 541-7777.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected impact of the acquisition of Margaritaville on the Company’s operations and statements regarding the anticipated timing of closing of the acquisition. These statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the acquisition of the Margaritaville operations by the Company and the integration of the business to be acquired; the possibility that the proposed transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; potential litigation challenging the transaction; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or issues arising from, the integration of the companies; our ability to realize potential synergies or projected financial results; the various risks relating to the Company’s pending acquisition of Pinnacle Entertainment, Inc., and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.

The Margaritaville Casino and Restaurant is a closed casino and restaurant in Biloxi, Mississippi in the United States. The 68,000-square-foot (6,300 m²) property is in the 'Back Bay' area of Biloxi.^[1] It opened on May 22, 2012 and closed on September 15, 2014. Its brand was licensed from Jimmy Buffett's Margaritaville.

Margaritaville Casino Bossier City

History[edit]

Jimmy Buffett, a native of nearby Pascagoula, tried to bring the Margaritaville brand to Biloxi as early as 2000, when discussions were held on building a hotel and amphitheater on 12 acres of beachfront land between the Casino Magic and Grand Casino.^[2]

Following Hurricane Katrina, Grand Casinos founder Tom Brosig came out of retirement and began looking for land to develop a casino, citing a desire to help rebuild the community. He settled on the Back Bay site where the Margaritaville Casino would ultimately open. According to Brosig, he nearly reached an agreement to use the Margaritaville brand in 2006.^[3]

Buffett instead joined with Harrah's Entertainment in 2007 to begin construction on the $700-million Margaritaville Casino Resort on the site of the Casino Magic and Grand Casino,^[4] which had both been destroyed by Katrina.^[5] Buffett was partly motivated by a desire to help the region's economic recovery from Katrina.^[4] Construction was suspended, however, in 2008, due to the global financial crisis and Harrah's near-bankruptcy after being taken private.^[6]

Meanwhile, Brosig continued his efforts on the Back Bay site, but had difficulty raising financing due to the financial crisis and the Deepwater Horizon oil spill. He was eventually able to assemble a total investment of $63 million, with '20 or 22' equity investors. A 20-year agreement was reached for the Margaritaville brand.^[3]

Buffett and Brosig unveiled their plans in 2011, describing a 68,000 sq ft (6,300 m²), $48-million Margaritaville Casino at the former East Harrison County Industrial Park, without the involvement of Harrah's (now Caesars Entertainment).^[7] Groundbreaking was expected in April 2011 with a construction time of 9 months.^[8]

In March 2011, plans for the location won fast track approval from the city of Biloxi. On April 7, Buffett appeared before the Mississippi Gaming Commission and explained why the casino should be approved. Commissioners listened and then approved the project.^[9]

Nov 17, 2017  The Sims 4 Free Download for PC at Gamesmojo.com. All about The Sims 4 game at GamesMojo. ️ Download links for PC, PlayStation 4, Xbox One ️ Reviews and Rating ️ Guides. Play sims 4 online free full version no download version.

On May 22, 2012, the Margaritaville Casino & Restaurant opened to the public, featuring 820 slot machines, 18 table games, two levels of dining decks, and a marina with waterside entertainment, food, and drinks.^[10]

In June 2013, Margaritaville Biloxi became the first casino in Mississippi gaming history to offer outdoor gaming which includes three blackjack tables at LandShark Landing and Marina.

In December 2013, Doug Shipley, President & CEO, announced that Margaritaville Biloxi would break ground on a new hotel facility in the spring with anticipated completion a year later. The new hotel would feature 250 rooms, including 170 deluxe guest rooms and 80 two- and three-bedroom suites. In addition, they would offer timeshare units through a major international partner.

In July 2014, the casino announced that it would likely close by September, because of an unresolved dispute with the landlord that was blocking the financing needed to build the hotel.^[11] On September 15, 2014, Margaritaville Biloxi officially closed.^[12]

The property was listed for sale in 2015 with an asking price of $18 million.^[13]

In 2019, a new group of developers filed plans to reopen the casino as the Biloxi House at Point Cadet. Their $200-million project would add a 300-room hotel and various other amenities to the site.^[14]

References[edit]

Margaritaville Shreveport Jobs

1. ^'Mississippi regulators certify Jimmy Buffet's casino'. Las Vegas Sun. AP. May 17, 2012. Retrieved 2012-05-17.
2. ^Palermo, Dave (July 30, 2000). 'Glut quiets casino boom: Plans begin to gather dust'. The Sun Herald. Gulfport, MS: via NewsBank.(subscription required)
3. ^ ^ab'Q&A with Tom Brosig'. Global Gaming Business. July 27, 2012. Archived from the original on January 24, 2013. Retrieved July 27, 2012.
4. ^ ^abPerez, Mary (August 14, 2007). 'Margaritaville breaks ground'. The Sun Herald. Gulfport, MS: via NewsBank. Retrieved 2012-05-23.(subscription required)
5. ^Mohr, Holbrook (December 8, 2005). 'Gulf casinos end worker aid'. San Diego Union-Tribune. AP. Retrieved 2012-05-23.
6. ^Burnham, Maria (June 26, 2010). 'Hopes fade for quick restart on Harrah's casino'. The Tribune. Greeley, CO. AP. Retrieved 2012-05-23.^{[permanent dead link]}
7. ^Perez, Mary (January 13, 2011). 'New Margaritaville in the works'. The Sun Herald. Gulfport, MS: via NewsBank. Retrieved 2012-05-23.(subscription required)
8. ^'Casino on hold at least a month'Archived 2011-03-22 at the Wayback Machine, Sun Herald, March 22, 2011
9. ^Buffett gets okay to open Margaritaville in Biloxi, retrieved 2011-04-07
10. ^Perez, Mary (May 22, 2012). 'Margaritaville Biloxi opens with a concert heard 'round the country'. The Sun Herald. Gulfport, MS. Archived from the original on May 25, 2012. Retrieved 2012-05-23.
11. ^Mary Perez (July 21, 2014). 'Margaritaville Casino to close'. The Sun Herald. Biloxi, MS. Archived from the original on July 23, 2014. Retrieved 2014-07-21.
12. ^Mary Perez (September 16, 2014). 'Margaritaville Casino Biloxi closes Monday, files for bankruptcy Tuesday'. The Sun Herald. Biloxi, MS. Archived from the original on September 18, 2014. Retrieved 2014-09-18.
13. ^Mary Perez (October 7, 2015). 'Piece of paradise: Former Margaritaville Casino for sale'. The Sun Herald. Biloxi, MS. Retrieved 2019-03-27.
14. ^Mary Perez (March 22, 2019). ''Nothing's going to be the same.' A $200M plan for former Margaritaville site in East Biloxi'. The Sun Herald. Biloxi, MS. Retrieved 2019-03-27.

Coordinates: 30°24′06″N88°51′35″W / 30.40167°N 88.85972°W