Penn National Gaming Inc is planning to buy Harrah's St. Louis from debt-laden Caesars Entertainment Corp.for $610 mn, according to a reports.
Reports stated that Penn will re-flag the property under its existing Hollywood brand.
Penn plans to finance the deal via an add-on to its existing credit line, which will raise its debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio, according to reports.