NEW YORK, July 31 (Reuters) - Penn National Gaming Inc. (NasdaqNM:PENN) said on Monday that it had agreed to
buy privately held CRC Holdings Inc. for about about $130 million.
Wyomissing, Pa.-based Penn National said it had entered into a definitive agreement with the holding company, which
does business as Carnival Resorts and Casinos, for about $95.8 million and will assume about $32 million in the
company's debt.
Included in the purchase is Louisiana Casino Cruises, 59 percent of which is owned by Carnival. Penn said it has
agreed to purchase the remaining 41 percent minority owned stake in Louisiana Cruises for about $32.5 million.
The transaction, expected to close in the first half of 2001, is subject to regulatory and other approvals in Louisiana
and Canada, Penn National said.
Louisiana Casino Cruises owns and operates Casino Rouge, a riverboat gaming facility on the Mississippi River in
Baton Rouge. Carnival Resorts and Casinos has also has a management contract for Casino Rama, on Chippewa land
in Orillia, Canada.
Penn National said it expects the acquisitions to be accretive to earnings after closing in the first half of 2001.
The company owns racetracks and off-track betting facilities in Pennsylvania and West Virginia and intends to buy
Casino Magic hotel, casino, golf resort and marina in Bay St Louis, Miss., and the Boomtown Biloxi casino in Biloxi,
Miss.