Penn National Gaming secures Illinois Gaming Board approval for Pinnacle Entertainment acquisition

(PRESS RELEASE) -- Penn National Gaming announced that at its meeting today, The Illinois Gaming Board approved the proposed financing for the Company’s pending acquisition of Pinnacle Entertainment, 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 appreciate the prompt review and approval of our proposed transaction by the IGB. As the operator of three casinos in the state as well as video gaming terminals in licensed establishments through Prairie State Gaming, we are proud to serve our customers in Illinois and contribute to the state’s economic vitality. We look forward to securing additional regulatory approvals in the near term, and remain on plan with our goal to complete the transaction in the second half of 2018.”

Last month, the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission conditionally approved the Company’s pending acquisition of Pinnacle Entertainment. In addition, on 29 March, 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.