Penn National Gets Financing Approval for Pinnacle Deal
WYOMISSING, Pa. – Penn National Gaming Inc. announced Thursday afternoon the Illinois Gaming Board has approved the proposed financing for its acquisition of Pinnacle Entertainment Inc.
Completion of the deal is contingent on additional regulatory approvals, as well as certain other conditions, the company said.
Penn National announced last December that it had reached an agreement to buy Pinnacle in a cash and stock transaction valued at $2.8 billion.
Pinnacle, based in Las Vegas, operates 16 casinos in 11 states, including the Ameristar casino hotel chain. Once the sale is complete, four of the Pinnacle properties – including Belterra Park in Cincinnati – will be sold to Boyd Gaming Corp.
Penn National, which owns and operates Hollywood Gaming at Mahoning Valley Race Course in Austintown, Ohio, will have 41 properties with the acquisition.
“We appreciate the prompt review and approval of our proposed transaction by the IGB,” said Timothy J. Wilmott, CEO of Penn National Gaming.
Last month, the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission conditionally approved the purchase agreement.
On March 29, shareholders of Penn National approved the issuance of common stock to Pinnacle stockholders in connection with the pending transaction and Pinnacle shareholders voted to adopt the merger agreement for the transaction.
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