Today, Penn National Gaming (PENN) confirmed that its pending deal with Fortress Investment Group (FIG) and others was indeed terminated.
They will receive $200 million in cash (about $2/share) and over $1 billion in preferred equity in 2013.
As I had speculated (when the stock was a few dollars higher), failure was priced in - the stock is flat today (at least in the opening minutes). I still like PENN, I like this cash infusion, and I like their prospects in a tough economy - why fly to Vegas when you can lose money close to home?
