Penn National Gaming has announced that it has secured further approvals for its long mooted acquisition of Pinnacle Entertainment, as the firm prepares for completion in the fourth quarter of this year.
Announced as a result of separate meetings undertaken, Penn has been given the green light from both the Massachusetts Gaming Commission (MGC) and the Texas Racing Commission (TRC), in connection with its pending $2.8bn cash and stock purchase.
Following approval from the Ohio Casino Control Commission (OCCC) and Louisiana Gaming Control Board (LGCB) received last month, completion of the transaction hinges on receipt of additional regulatory approvals in addition to certain other conditions.
Inclusive of its MGC and TRC approvals, Penn details that it has received the go-ahead from ten gaming regulatory bodies thus far, in relation to its Pinnacle acquisition.
This follows shareholders of both parties approving the merger on March 29 of this year, with over 99% of all votes cast in favor of the transaction.
Timothy J. Wilmott, chief executive officer of Penn National, commented: “We thank the Massachusetts Gaming Commission and the Texas Racing Commission for their thorough and diligent review of the applications and filings related to our pending transaction with Pinnacle Entertainment. We continue to make steady progress with the regulatory approval process, and anticipate the transaction will be completed early in the fourth quarter.”
In its recent financial report for the second quarter of 2018, Penn detailed its ambitions for further expansion across the US, with a hope to commence accepting sports wagers in casinos across Mississippi, West Virginia and potentially Pennsylvania in time for the start of the National Football League (NFL) season next month.
Regarding further progression in other territories across the US, Wilmott explained: “We are continuing to engage with state lawmakers in our other jurisdictions, to advocate for passage of sports betting laws with reasonable tax rates and license fees, similar to legislation enacted in the West Virginia, Mississippi and Nevada models.”