Racetrack and casino owner Penn National Gaming is considering the purchase of another racetrack and casino owner, Pinnacle Entertainment.
Penn National and Pinnacle each put out news releases Nov. 30 confirming the discussions between the two companies. Pinnacle owns or operates 16 gaming properties, including racinos Belterra Park near Cincinnati and Retama Park, near Selma, Texas. Belterra and Retama each offer Thoroughbred racing.
Penn National, an owner of 29 racing and gaming facilities throughout the country, released this statement Thursday: "In light of recent market speculation, Penn National Gaming Inc. today confirmed that it is engaged in discussions with Pinnacle Entertainment Inc. regarding a potential business combination, whereby Penn National would acquire Pinnacle in a cash and stock transaction.
"These discussions may or may not lead to any transaction, and the company does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required. Additionally, there can be no assurance that an agreement providing for a transaction will be reached, or if an agreement is reached, that a transaction will be completed. Any transaction would be subject to the approval of the two companies' boards, regulatory and shareholder approvals, as well as other conditions."
Pinnacle released a similar statement Thursday.