Penn National Gaming’s $2.8 billion acquisition of Pinnacle Entertainment was approved by Illinois gaming authorities Thursday, adding an third state approval for the regional gaming merger.
In a statement, Penn National said the Illinois Gaming Board approved the proposed financing for the transaction. The company operates three casinos in the state as well as video gaming terminals in licensed establishments through Prairie State Gaming.
“We are proud to serve our customers in Illinois and contribute to the state’s economic vitality, Penn National CEO Tim Wilmott said in a statement. “We look forward to securing additional regulatory approvals in the near term.”
Last month, the Pennsylvania Gaming Control Board and the West Virginia Lottery Commission approved the transaction, which will ultimately give Penn National operational control over a combined 41 properties with about 53,500 slot machines, 1,300 table games and 8,300 hotel rooms in the U.S.
At the end of March, shareholders of Penn National and Las Vegas-based Pinnacle voted overwhelmingly to approve the merger agreement.
However, also in March, the Federal Trade Commission made a second request for “additional information and documentary material” regarding the transaction. It is unclear what drew the second request.
The transaction was announced in December. To alleviate anti-trust issues, Pinnacle said at the time it would sell four of its Ameristar properties to Boyd Gaming Corp. for $575 million. At the same time, Boyd will sign a lease agreement with Gaming and Leisure Properties Inc., the landlord for Penn National and Pinnacle.
