{"id":30243,"date":"2015-08-03T14:44:15","date_gmt":"2015-08-03T21:44:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=30243"},"modified":"2015-08-03T14:50:53","modified_gmt":"2015-08-03T21:50:53","slug":"penn-national-scoops-illinois-video-gaming-operator","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/","title":{"rendered":"Penn National Scoops Up Illinois Video Gaming Operator, Posts Strong Q2 Financials"},"content":{"rendered":"
\"Penn
Through its acquisition of PSG, Penn National will gain 1,100 terminals across Illinois. (Image:\u00a0Laurie Skrivan\/post-dispatch.com)<\/figcaption><\/figure>\n

Penn National Gaming, Inc. will acquire Prairie State Gaming (PSG), an Illinois operator of video gaming terminals (VGTs), for an undisclosed fee. The company adds the acquisition to its collection of some 31,000 gaming machines in 26 facilities across America.<\/p>\n

While Illinois lawmakers squabble about their budget plans, with the resulting standoff meaning that large tax revenues from the state\u2019s VGTs<\/a> will be held in limbo until they can agree terms, Penn National is looking to get its own slice of this lucrative industry.<\/p>\n

The deal, for an undisclosed all-cash transaction, will see the Pennsylvania-based casino, racetrack, and racino operator acquire 1,100 terminals across a network of 270 different bars and retail gaming establishments statewide.<\/p>\n

Big Business<\/h2>\n

In Illinois, anywhere with a liquor license is permitted to operate a VGT, and it\u2019s big business. But that reality has created something of a challenge to the state\u2019s casino industry.<\/p>\n

The VGT industry raked in $72.8 million in revenue in July, compared to the combined $118.1 million in revenue of Illinois\u2019 ten casinos, according to Fantini Gaming Research. For Penn National, which owns three of those casinos, it\u2019s a thought process of \u201cif you can\u2019t beat \u2019em, join \u2019em.\u201d<\/p><\/blockquote>\n

PSG, which is among the largest VGT operators in Illinois, generated almost $10 million in cash flow for the fiscal year ending June 30th.<\/p>\n

According to Jay Snowden, chief operating officer of Penn National, the acquisition represents the latest phase in a long-term strategy for \u201cgrowth through accretive acquisitions.\u201d<\/p>\n

In April, the company agreed to purchase the Tropicana<\/a> in Las Vegas for $360 million, making it the operator’s second Sin City property. The company first bought off the debt for and in June of 2011 finalized its purchase of the M Resort and Casino on the South Las Vegas Strip.<\/p>\n

Penn National currently operates 26 casino, racinos, and racetracks in 16 American and one Canadian jurisdiction, with the majority \u00a0located in the Midwest and the South of the United States.<\/p>\n

Positioned for Growth<\/h2>\n

The deal will further cement the company\u2019s position in Illinois, said Snowden. \u201cWe believe this acquisition will provide us a solid platform for future growth in the Illinois VGT market and potentially other states where this form of gaming is authorized.<\/p>\n

\u201cPSG is one of Illinois\u2019 most respected VGT operators, with a strong track record of regulatory compliance and a reputation for reliable around the clock service backed by one of the industry\u2019s most experienced teams,\u201d he added.<\/p>\n

Penn National\u2019s recent financial performance has made the investment community sit up and take notice. Its Q2 results for 2015 have exceeded expectations, bringing in revenues of $701 million, and the company says it remains favorably positioned for continued growth in the second half of this year.<\/p>\n

As well as the purchase of the Tropicana, Penn State opened Massachusetts\u2019 first casino at the end of June. Called Plainridge Park Casino<\/a>, the slots-only establishment tacked onto the racecourse, and reported $6.1 million in gambling revenue in its first week of operation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Penn National Gaming, Inc. will acquire Prairie State Gaming (PSG), an Illinois operator of video gaming terminals (VGTs), for an undisclosed fee. The company adds the acquisition to its collection of some 31,000 gaming machines in 26 facilities across America. While Illinois lawmakers squabble about their budget plans, with the resulting standoff meaning that large […]<\/p>\n","protected":false},"author":42,"featured_media":30258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nPenn National Scoops Up Illinois Video Gaming Operator, Posts Strong Q2 Financials<\/title>\n<meta name=\"description\" content=\"Penn National grabs its share of the Illinois VGT industry with its Prairie State Gaming takeover.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National Scoops Up Illinois Video Gaming Operator, Posts Strong Q2 Financials\" \/>\n<meta property=\"og:description\" content=\"Penn National grabs its share of the Illinois VGT industry with its Prairie State Gaming takeover.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-03T21:44:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-08-03T21:50:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/08\/Penn-National-Gaming-Prairie-State-Gaming-acquisition.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"413\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/\",\"name\":\"Penn National Scoops Up Illinois Video Gaming Operator, Posts Strong Q2 Financials\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/08\/Penn-National-Gaming-Prairie-State-Gaming-acquisition.jpg\",\"datePublished\":\"2015-08-03T21:44:15+00:00\",\"dateModified\":\"2015-08-03T21:50:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Penn National grabs its share of the Illinois VGT industry with its Prairie State Gaming takeover.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-scoops-illinois-video-gaming-operator\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/08\/Penn-National-Gaming-Prairie-State-Gaming-acquisition.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/08\/Penn-National-Gaming-Prairie-State-Gaming-acquisition.jpg\",\"width\":620,\"height\":413,\"caption\":\"Through its acquisition of PSG, Penn National will gain 1,100 terminals across Illinois. 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