The parent company of Argosy Casino in Alton and Hollywood Casino in Maryland Heights is in merger talks with the owner of Ameristar Casino in St. Charles and River City Casino in Lemay, Mo.
Penn National Gaming, the owner of Argosy and Hollywood confirmed today that it was in discussions with Pinnacle Entertainment, which owns Ameristar and River City. Speculation has risen since published reports about a month ago.
Here is a statement sent out this afternoon:
“In light of recent market speculation, Penn National Gaming, Inc. today confirmed that it is engaged in discussions with Pinnacle Entertainment, Inc. regarding a potential business combination, whereby Penn National would acquire Pinnacle in a cash and stock transaction.
“These discussions may or may not lead to any transaction, and the company does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required. Additionally, there can be no assurance that an agreement providing for a transaction will be reached, or if an agreement is reached, that a transaction will be completed.,” the statement said.
Any transaction would be subject to the approval of the two companies’ boards, regulatory and shareholder approvals, as well as other conditions, Penn National Gaming said.