Penn National Gaming Inc. announced June 28 the Indiana Gaming Commission approved the company’s plan to buy Pinnacle Entertainment Inc.
Timothy J. Wilmott, CEO of Penn National said gaining approval for the deal from Indiana is another step in the process to close the transaction.
“We appreciate the diligent work of the Indiana Gaming Commission in their review and approval of our proposed transaction,” he said. “We look forward to securing additional regulatory approvals in the near term and remain on schedule to complete the transaction in the second half of this year.”
Penn National operates 29 gaming sites around the country including the Hollywood Casinos in Joliet, Ill. and Aurora, Ill. and Hollywood Casino in Lawrenceburg in southeastern Indiana, outside Cincinnati. Pinnacle, based in Las Vegas, operates 16 gaming sites around the country including the Ameristar Casino Hotel – East Chicago and the Belterra Casino Resort in southeastern Indiana in Florence near Cincinnati.
Penn National has received approval of its acquisition of Pinnacle Entertainment from six gaming regulatory bodies and shareholders of both Penn National and Pinnacle Entertainment approved the merger.
Pennsylvania-based Penn National Gaming announced in December its plan to buy Pinnacle Entertainment in a cash-and-stock deal valued at about $2.8 billion.