Penn National Gaming has confirmed that its pending acquisition of Pinnacle Entertainment has been approved during regulatory meetings held with the Mississippi Gaming Commission and the Pennsylvania State Horse Racing Commission. The purchase will be subject to customary conditions and is contingent on receipt of additional regulatory approvals as well as certain other conditions.
Timothy J. Wilmott, CEO of Penn National Gaming, commented: “We are grateful to the Mississippi Gaming Commission and the Pennsylvania State Horse Racing Commission for their prompt review and approval of our proposed transaction. Ameristar Vicksburg and The Meadows will be great additions to our Mississippi and Pennsylvania operations, respectively, and we look forward to welcoming their employees and patrons to the Penn National family. We look forward to securing additional regulatory approvals in the near term and based on our progress to date, we remain confident of closing the transaction in the second half of this year.”
The Pennsylvania Gaming Control Board and the West Virginia Lottery Commission conditionally approved the Pinnacle deal last month. Financing for the transaction was given the green light by the Illinois Gaming Board earlier this month. Shareholders of both Penn National and Pinnacle Entertainment had approved the merger, with over 99% of all votes cast in favour, on March 29.
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. At December 31, 2017, the Company operated 29 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.
As of December 31, 2017, in aggregate, Penn National Gaming operated approximately 36,200 gaming machines, 810 table games and 4,800 hotel rooms. The company also offers social online gaming through its Penn Interactive Ventures division.
Pinnacle Entertainment owns and operates 16 gaming entertainment businesses located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. In addition, the firm holds a majority interest in the racing licence owner, as well as a management contract, for Retama Park Racetrack near San Antonio, Texas.