Penn National Gaming, an operator of gaming and racing facilities, has had its pending acquisition of Pinnacle Entertainment approved by the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission.
The completion of the proposed transaction is contingent on receipt of additional regulatory approvals, as well as certain other conditions.
Timothy J Wilmott, CEO of the company, said: “We are grateful for the prompt review by the PGCB and WVLC of the proposed transaction and are very pleased to have cleared the first regulatory hurdles on the path towards completing our proposed acquisition of Pinnacle Entertainment.”
“We look forward to securing additional regulatory approvals in the near term, with our goal remaining to complete the transaction in the second half of 2018. “In the meantime, our transition team is making good progress formulating a new organisational structure, which will include a blend of proven and talented team members from both companies, while ensuring we meet or exceed our revenue and cost synergy targets.”
