IGC approves Penn National’s $2.8bn acquisition of Pinnacle Entertainment
Casino industry news : Pennsylvania-based casino company Penn National Gaming’s $2.8 billion acquisition of Las Vegas-based gambling company Pinnacle Entertainment has been approved by the Indiana Gaming Commission (IGC).
The acquisition, which was announced in last December, has so far secured approvals from six gaming regulatory bodies. Penn National Gaming acquisition of Pinnacle Entertainment was also approved by shareholders of both the companies in late March.
Commenting on the IGC approval of the Penn National Gaming acquisition of Pinnacle Entertainment, Timothy J. Wilmott – CEO of Penn National Gaming, said: “We appreciate the diligent work of the Indiana Gaming Commission in their review and approval of our proposed transaction.
“We look forward to securing additional regulatory approvals in the near term and remain on schedule to complete the transaction in the second half of this year.”
Business deal done. Photo courtesy of adamr at FreeDigitalPhotos.net.
The completion of Penn National Gaming acquisition of Pinnacle Entertainment is still subject to receipt of some other regulatory approvals along with meeting of certain conditions.
Penn National Gaming believes that the acquisition of Pinnacle Entertainment will help it become a leading regional gaming operator in North America while diversifying its portfolio of gaming assets further.
Pinnacle Entertainment is the owner and operator of 16 casino properties in Colorado, Indiana, Iowa, Louisiana, Nevada, Pennsylvania, Mississippi, Missouri and Ohio, in addition to a horse track in Texas. The casino entertainment company, which boasts of nearly 5,000 hotel rooms, 124 restaurants, over 700 table games and more than 24,000 slot machines, employs more than 16,000 people across its gaming entertainment properties.
On the other hand, Penn National Gaming operates 29 facilities across 17 jurisdictions in the US and Canada. The casino company operates nearly 36,100 gaming machines, 810 table games and 4,800 hotel rooms apart from offering social online gaming through its Penn Interactive Ventures unit.
Earlier, this month, Penn National Gaming agreed to acquire the operations of Margaritaville Resort Casino in Bossier City, Louisiana for about $115 million to expand its regional gaming platform further. The transaction will add a property that is complementary to the enlarged operating base after the completion of the Penn National Gaming acquisition of Pinnacle Entertainment.