MGC approves Penn National Gaming acquisition of Pinnacle Entertainment
The $2.8 billion Pennsylvania-based casino company Penn National Gaming acquisition of Pinnacle Entertainment, a Las Vegas-based gambling company, has been approved by the Missouri Gaming Commission (MGC).
Announced in December 2017, Penn National Gaming acquisition of Pinnacle Entertainment has been approved by 12 gaming regulatory bodies till date. It was also approved by shareholders of the two US casino companies in late March.
Penn National Gaming expects the acquisition of Pinnacle Entertainment to create a leading regional gaming operator in North America while further diversifying its gaming assets portfolio.
Penn National Gaming acquisition of Pinnacle Entertainment has been approved by the Missouri Gaming Commission. Image courtesy of patrisyu at FreeDigitalPhotos.net.
Commenting on the Penn National Gaming acquisition of Pinnacle Entertainment approval given by the Missouri Gaming Commission, Timothy J. Wilmott – CEO of Penn National, said: “We appreciate the work of the Missouri Gaming Commission and their comprehensive review of the application and filings related to our pending transaction with Pinnacle Entertainment.
“Reflecting the progress we have made to date with securing regulatory approvals, and the timeline we have established for the remaining requisite approvals, we remain on schedule to complete the transaction early in the fourth quarter.”
Pinnacle Entertainment owns and operates 16 casino assets across Colorado, Indiana, Iowa, Louisiana, Nevada, Pennsylvania, Ohio, Mississippi and Missouri apart from a horse track in Texas.
The casino entertainment company’s assets include 5,000 hotel rooms, 124 restaurants, 700+ table games and 24,000+ slot machines. It has a workforce of over 16,000 people across its gaming entertainment assets.
Penn National Gaming, on the other hand, manages 29 facilities across 17 jurisdictions in the US and Canada. The casino company operates about 36,100 gaming machines, 810 table games and 4,800 hotel rooms and also offers social online gaming via its Penn Interactive Ventures unit.
The completion of the $2.8 billion Penn National Gaming acquisition of Pinnacle Entertainment remains to be subject of some more regulatory approvals and also meeting of certain other conditions.