Penn National Gaming secures approvals of acquisition of Pinnacle Entertainment

(PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced that at regulatory meetings held this week the Mississippi Gaming Commission and the Pennsylvania State Horse Racing Commission approved the company’s pending acquisition of Pinnacle Entertainment, Inc. (NASDAQ: PNK), 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 Gaming, commented, “We are grateful to the Mississippi Gaming Commission and the Pennsylvania State Horse Racing Commission for their prompt review and approval of our proposed transaction. Ameristar Vicksburg and The Meadows will be great additions to our Mississippi and Pennsylvania operations, respectively, and we look forward to welcoming their employees and patrons to the Penn National family. As a company, we are proud that our employees and operations in these states contributed to the record first quarter results announced yesterday. We look forward to securing additional regulatory approvals in the near term and based on our progress to date, we remain confident of closing the transaction in the second half of this year.”

Last month, the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission conditionally approved the company’s pending acquisition of Pinnacle Entertainment and earlier this month, the Illinois Gaming Board approved the proposed financing for the company’s pending acquisition. 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.