Casino operator Boyd Gaming (BYD) has approached Penn Entertainment (PENN) to express interest in acquiring its peer in a potential combination that would be the biggest merger among U.S. gambling companies since Eldorado Resorts’ $17.3B acquisition of Caesars Entertainment (CZR) in 2020, sources told Reuters’ Milana Vinn and Anirban Sen. A deal could be challenging, however, since Boyd is the smaller company, the companies would need the blessing of regulators and officials in several states and Boyd would need to win over Walt Disney (DIS), whose sports network ESPN has a partnership with Penn, the report noted. Shares of Penn Entertainment jumped about 7% after the news.
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