Penn National Gaming secures two approvals

(PRESS RELEASE) -- Penn National Gaming, Inc. announced that at separate meetings today, the Company received approvals from the Massachusetts Gaming Commission (MGC) and the Texas Racing Commission (TRC) 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 thank the Massachusetts Gaming Commission and the Texas Racing Commission for their thorough and diligent review of the applications and filings related to our pending transaction with Pinnacle Entertainment. We continue to make steady progress with the regulatory approval process, and anticipate the transaction will be completed early in the fourth quarter.”

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