Stockholders in Penn National Gaming and Pinnacle Entertainment approved the two gaming giants’ $2.8 billion purchase of Pinnacle Entertainment by Penn National Gaming on March 29, removing another obstacle in the creation of a massive casino operation. Gaming regulators in Pennsylvania and West Virginia have approved the proposed merger.
Penn National officials are hoping that the proposed merge will be finalized in 2018, that is barring unexpected regulatory obstacles in Penn National’s 14 remaining jurisdictions.
Penn National properties include the following thoroughbred tracks: Charles Town Races, Mahoning Valley Racetrack, Penn National Race Course, Sam Houston Race Park, and Zia Park. Pinnacle’s racing properties include Belterra Park and Retama Park. When the transaction was announced in December, Pinnacle announced it would sell four of its Ameristar properties to Boyd Gaming for $575 million in the hopes of avoiding any anti-trust issues related to the merger. One property that would be acquire by Boyd Gaming is Belterra Park in Cincinnati.
When completed, Penn National will have 41 properties in the U.S. and Canada. That will include about 53,500 slot machines, 1,300 gaming tables, 8,300 hotel rooms and more than 35,000 employees.