Penn National Gaming has moved a step closer to becoming one of the largest regional casino operators after further approvals have been granted for its acquisition of Pinnacle Entertainment.
The deal, which would have a market impact far outside of Pennsylvania received conditional approval from both the West Virginia Lottery Commission and the Pennsylvania Gaming Control Board last month and now has the same from Pennsylvania State Horse Racing Commission and the Mississippi Gaming Commission to add to the list.
The merger was approved by landslide on 29 march by shareholders of the two companies in question.
Timothy J. Wilmott, CEO for Penn National Gaming, said: “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.
“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 trans- action in the second half of this year.”
Penn National Gaming already operates 34 venues spread across 16 states and the deal, reportedly worth some $2.8bn will result in an unified company in control of 41 properties in 20 states, counting close to 1,300 table games and 53,500 slot machines.