Shareholders to Vote Next Week<\/strong><\/h2>\nAlong with regulatory approvals, both companies will also be holding special shareholder meetings next Thursday in order to vote on issues related to the acquisition.<\/p>\n
Between those votes and the FTC probe, it may seem like there are several potential stumbling blocks for the transaction, but officials at Penn National believe that they shouldn\u2019t have trouble completing the deal by the end of the year.<\/p>\n
The state-level approvals are certainly a good sign that other regulatory boards will rule similarly. The Pennsylvania Gaming Control Board also approved the transfer of Pinnacle Entertainment\u2019s license to Penn National, who will pay a change of control fee of $3.75 million to take possession of the license.<\/p>\n
Penn National currently operates 29 gaming facilities in 16 states as well as Ontario, Canada. These include both casinos and racing facilities, with a focus on slot machines.<\/p>\n
The company also operates an interactive division that offers free-to-play social online casino sites.<\/p>\n
Founded in 1938 as Hollywood Park Entertainment, Pinnacle Entertainment today operates 16 gaming facilities in nine states, though only 12 of those would be acquired by Penn National as a result of this acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"
Penn National is one step closer to completing its proposed takeover of Pinnacle Entertainment, as the gaming firm received approval from two state-level regulatory bodies for the transaction. According to a statement from Penn National on Wednesday, both the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission have signed off on the deal. […]<\/p>\n","protected":false},"author":42,"featured_media":73568,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13592],"tags":[],"acf":[],"yoast_head":"\n
State Regulators Approve Penn National Takeover of Pinnacle<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n