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Penn National Hell-Bent on Acquiring Pinnacle Entertainment - PennsylvaniaPoker.com News : PennsylvaniaPoker.com News
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The Pennsylvania Gaming Control Board’s (PGCB) mini-casino auction that was scheduled for this week did not happen again after inclement weather kept potential bidders and other stakeholders from making it to Harrisburg. Consequently, the auction was rescheduled to April 4 and it will be the very first one of the subsequent auction round. This time, Category 3 properties and properties that had already acquired a mini-casino license in the first auction will once again be allowed to bid on the licenses for other mini-casino locations.

While the auction was postponed, the Match 21 meeting of the Pennsylvania Gaming Control Board did go on as planned.  During the meeting, Penn International and Pinnacle Entertainment representatives reportedly gave an update on Penn National’s plans to acquire Pinnacle Entertainment. Representatives from both companies gave extensive testimonies about the planned acquisition. Both companies gave an assurance that the deal has not been jeopardized despite a few issues that included questions that arose regarding the approval of the deal by the Federal Trade Commission (FTC) and possible regional monopoly.

By the time the meeting came to an end, the Pennsylvania Gaming Control Board had approved the transfer of The Meadows Casino from Pinnacle Entertainment to Penn National giving the latter full control of The Meadows and the Hollywood Casino as well as one other forthcoming Category 4 mini-casino.

“The Pennsylvania Gaming Control Board this week approved the Change of Control of the Category 1 Slot Machine Licensee Washington Trotting Association, LLC, operator of The Meadows Casino in Washington County, to Penn National Gaming, Inc.

Under the agreement approved by the Board at its March 21, 2018 meeting, the license held since September 2016 by Pinnacle Entertainment, Inc. will be transferred to Penn National Gaming, Inc., a publicly traded company based in Wyomissing, PA, and also the owner/operator of the Hollywood Casino at Penn National Race Course in Dauphin County.

Gaming and Leisure Properties, Inc., also based in Wyomissing, will continue to own the real estate of The Meadows Casino and lease the property to Penn National Gaming, Inc.,” PGCB said about it approval of the acquisition in a statement.

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