Penn National Gaming has announced that it has received another round of approvals with regards to its pending $2.8bn cash and stock acquisition of Pinnacle Entertainment.
Coming out of separate meetings this week, the casino and racetrack operator has received the go ahead from the Ohio Casino Control Commission (OCCC), in addition to the Louisiana Gaming Control Board (LGCB), in relation to the purchase.
Subject to relevant customary conditions, completion of the proposed transaction is also contingent on receipt of additional regulatory approvals, as well as certain other conditions.
Timothy J. Wilmott, chief executive officer of Penn National, commented, “We thank the Ohio Casino Control Commission, and the Louisiana Gaming Control Board, for their thorough and diligent review of our applications and filings related to our pending transaction with Pinnacle Entertainment.
“Our progress with the regulatory approval process remains on track, and we continue to expect the transaction to be completed in the second half of this year.”
Penn National has received approvals from eight gaming regulatory bodies in connection with its acquisition of Pinnacle Entertainment, inclusive of the OCCC and LGCB approvals.
Earlier in the year shareholders in both groups approved the merger, with over 99% of all votes cast in favour of the transaction.