The Missouri Gaming Commission signed off on Penn National Gaming’s $2.8 billion purchase of Pinnacle Entertainment Wednesday.
The regulatory body became the 12th state to approve the transaction.
After adding Pinnacle’s 12 casinos, Penn National will become the largest U.S. regional gaming operator with 41 properties in 20 jurisdictions.
Shareholders of Penn and Pinnacle approved the deal in March.
“Reflecting the progress we have made to date with securing regulatory approvals, and the timeline we have established for the remaining requisite approvals, we remain on schedule to complete the transaction early in the fourth quarter,” Penn National CEO Tim Willmott said in a statement.
There has been still no resolution to the Federal Trade Commission’s a second request for “additional information and documentary material” regarding Penn’s acquisition of Pinnacle. The companies did not disclose what aspect of the deal drew the second request, which was made in March.
To alleviate anti-trust issues initially, Pinnacle agreed to sell four of its 16 properties – two Ameristar casinos in Missouri and the Belterra gaming brands in Indiana and Ohio – to Boyd Gaming Corp. for $575 million. Boyd will sign a lease agreement with real estate investment trust Gaming and Leisure Properties, which is the landlord for the Pinnacle-owned resorts.
Since the deal was first announced, Penn National hasn’t stopped seeking expansion opportunities. The company is acquiring Margaritaville Resort Casino in Bossier City, La., for $376 million in a joint agreement with real estate investment trust VICI Properties. Penn National has also won the rights to build two “satellite casinos” in Pennsylvania that will have 750 slot machines and 30 table games.
