FTC clears Penn National’s new acquisition
The trade commission has cleared the pending acquisition of Pinnacle Entertainment.
US.- Penn National Gaming announced this week that the Federal Trade Commission (FTC) has cleared its pending acquisition of Pinnacle Entertainment, Inc. subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming Corporation.
The completion of the proposed transaction is subject to approval from one jurisdiction, as well as certain other conditions. The company said that it expects to complete the transaction sometime during this last quarter of the year.
Besides the approval from the FTC, the company received the nod from thirteen gaming regulatory bodies connected to the proposed acquisition of Pinnacle Entertainment.
Last month, the company also revealed that it has filed an application with the Pennsylvania Gaming Control Board (PGCB) for its first Category 4 satellite gaming facility in the state, Hollywood Casino York. Penn National said that it will invest approximately US$120 million for the facility, including US$52.6 million in licence fees for Category 4 slots and table games. The company expects to open with 500 slot machines and 20 table games, despite the fact that it can accommodate approximately 250 more slots and double the number of table games.
