The document discusses the increase in M&A activity in the gaming industry due to a lack of new greenfield opportunities. It highlights the role of gaming REITs, low borrowing rates, and high valuations in driving this trend. The document also notes that multi-asset portfolio deals are receiving premiums, especially outside Nevada, and that the Las Vegas Locals market is experiencing expanded valuations. It predicts continued high M&A activity in 2018, with the potential merger of Penn National and Pinnacle Entertainment as a significant upcoming transaction.
doj/DataSet10/EFTA01385346.pdf
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