Penn National Gaming gets approval from Iowa Racing and Gaming Commission

(PRESS RELEASE) -- Penn National Gaming, Inc. announced that at a meeting held today, the company received approval from the Iowa Racing and Gaming Commission (IRGC) in connection with its pending acquisition of Pinnacle Entertainment, Inc., subject to customary conditions. The completion of the proposed transaction is contingent on receipt of additional regulatory approvals, as well as certain other conditions.

Timothy J. Wilmott, Chief Executive Officer of Penn National, commented, “We are grateful to the Iowa Racing and Gaming Commission for its thorough and diligent review of the application and filings related to our pending transaction with Pinnacle Entertainment. We look forward to securing additional regulatory approvals in the near term, and today’s approval marks another step forward toward completing the transaction early in the fourth quarter.”

Inclusive of the approval from the IRGC, Penn National has received approvals from 11 gaming regulatory bodies in connection with its proposed acquisition of Pinnacle Entertainment. In addition, on 29 March, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99% of all votes cast in favor of the transaction.