WYOMISSING, PA—Gaming and Leisure Properties, the first gaming-focused REIT in North America, says its shareholders voted to approve GLPI's proposal to issue shares of GLPI common stock to stockholders of Pinnacle Entertainment in connection with GLPI's pending acquisition of substantially all of Pinnacle's real estate assets, following the spin-off of Pinnacle's operations (and certain real estate assets) into a separate public company. In addition, Pinnacle says its stockholders have voted to adopt the merger agreement for the transaction.

At the special meeting of GLPI shareholders held March 15, approximately 86.5 percent of GLPI's outstanding common shares were voted, with approximately 99.5 percent of the votes cast in favor of the proposal.

“We are extremely pleased that Gaming and Leisure shareholders and Pinnacle stockholders have shown their overwhelming support by approving the pending transaction,” says Peter Carlino, chairman and chief executive officer of Gaming and Leisure Properties. “We are more confident than ever that this combination will create considerable long term value for shareholders, customers, employees and other key stakeholders of both companies, given the benefits of larger scale, higher cash flows and increased tenant and geographic diversity.”