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- Completes Acquisition Financing -- Establishes 2018 Fourth Quarter and Revises Full Year Guidance -- Completes Acquisition of the Real Estate Assets of Tropicana Entertainment.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”) announced today that it completed its previously announced acquisition of Pinnacle Entertainment, Inc. (PNK:Nasdaq) (“Pinnacle”) as well as the related divestitures to Boyd Gaming Corporation (BYD:NYSE) (“Boyd”) and the real estate transactions with Gaming and Leisure Properties, Inc. (GLPI:Nasdaq) (“GLPI”). The transaction further enhances Penn National’s position as North America’s leading regional gaming operator, with 40 facilities in 18 jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, and West Virginia.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”) announced that at meetings today, the Company received approval from the Nevada Gaming Commission (“NGC”) and Nevada Gaming Control Board (“NGCB”) in connection with its pending acquisition of Pinnacle Entertainment, Inc. (PNK) (“Pinnacle Entertainment”), subject to customary conditions. Today’s approvals represents the final required regulatory approvals necessary to complete the transaction and Penn National anticipates closing the transaction in mid-October, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement between Penn National and Pinnacle Entertainment.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn” or the “Company”) announced today that the Federal Trade Commission (“FTC”) has cleared its pending acquisition of Pinnacle Entertainment, Inc. (PNK:Nasdaq) (“Pinnacle”), subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming Corporation. The completion of the proposed transaction is contingent on the receipt of approval from one jurisdiction, as well as certain other customary conditions. The Company continues to expect to complete the transaction early in the fourth quarter.