Penn National Gaming secures approval of Pinnacle acquisition in Missouri
Penn National Gaming Inc., parent company of Argosy Casino in Alton and Hollywood Casino in Maryland Heights, Mo.,, says the company has received approval from the Missouri Gaming Commission in connection with its pending acquisition of Pinnacle Entertainment Inc.
The completion of the proposed transaction is contingent on receipt of additional regulatory approvals, as well as certain other conditions. The transaction has been valued at approximately $2.8 billion.
“We appreciate the work of the Missouri Gaming Commission and their comprehensive review of the application and filings related to our pending transaction with Pinnacle Entertainment,” said Timothy J. Wilmott, chief executive officer of Penn National. “Reflecting the progress we have made to date with securing regulatory approvals, and the timeline we have established for the remaining requisite approvals, we remain on schedule to complete the transaction early in the fourth quarter.”
Inclusive of the Missouri approval, Penn National has received approvals from 12 gaming regulatory bodies in connection with its proposed acquisition of Pinnacle Entertainment, which operates in numerous states. In addition, on March 29, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99 percent of all votes cast in favor of the transaction.
Pinnacle Entertainment Inc., presently operates Ameristar Casino in St. Charles, Mo., and River City Casino in Lemay, Mo., but under terms of the deal the Ameristar Casino locations in St. Charles and in Kansas City — as well as two other casinos — will become part of Boyd Gaming Corp.
By gaining River City, Penn would own three of St. Louis region’s six casinos.