Hollywood Gaming owner, Pinnacle discuss merger
AUSTINTOWN — The owner of Hollywood Gaming at Mahoning Valley Race Course said it is discussing a potential merger with a Las Vegas entertainment company.
If an agreement is reached, Penn National Gaming, based in Wyomissing, Pa., would acquire Pinnacle Entertainment Inc. in a cash and stock transaction, the two companies confirmed Thursday.
However, leaders of the two companies said the discussions might or might not lead to a transaction and no further comments will be made on the matter unless it is appropriate or they are required to do so.
A merger would be subject to the approval of the two companies’ boards of directors and shareholders, regulatory requirements and other conditions.
Penn National opened its local Hollywood Gaming facility in September 2014. The company has facilities in 17 states and in Ohio also owns Hollywood Gaming at Dayton Raceway, Hollywood Casino in Columbus and Hollywood Casino in Toledo.
Pinnacle owns and operates 16 gaming entertainment businesses in nine states, including Belterra Park Gaming and Entertainment near Cincinnati and Meadows Casino in Washington, Pa. The company also holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside San Antonio, Texas.