Search
 

Penn Gaming Sale Wins Approval in PA

WYOMISSING, PA-Pennsylvania regulators have O.K.'d the $8.9-billion agreement to take Penn National Gaming private, but a deadline looms for approvals in six other states.

By Paul Bubny | Updated on May 30, 2008

WYOMISSING, PA-Locally-based Penn National Gaming’s planned $8.9-billion sale to a joint venture of Fortress Investment Group LLC and Centerbridge Partners LP has now completed a course of regulatory approvals in the company’s home jurisdiction. However, with reviews pending in six of the states where Penn National operates, the June 15 expiration of the agreement to take the company private may be extended by 120 days.

The Pennsylvania Gaming Control Board on Thursday signed off on the sale, following approval of the agreement by the Pennsylvania Horse Racing Commission a month earlier. At the same time, the PGCB revealed it had approved a change of control of the slots operator license for the Hollywood Casino at Penn National Race Course in Grantville, PA.

Currently held by Mountainview Thoroughbred Racing Association, a Penn National subsidiary, the license will go to PNG Acquisition Co., the Fortress/Centerbridge JV. The license transfer entails payment of a $2.5 million fee to the PGCB, according to a release from the board. A spokesman for Penn National tells GlobeSt.com that the slots license approval was part of the PGCB’s broader approval of the sale to PNG.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.