| Penn National Gaming Provides Update on Illinois Gaming Board Review of Proposed Acquisition of Argosy Gaming Company |
Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn") reported today that it has been advised by the Illinois Gaming Board ("IGB") that its proposed acquisition of Argosy Gaming Company (AGY: NYSE) was listed as a placeholder on the IGB agenda for today's meeting even though it is unlikely that the newly constituted IGB will review the transaction or announce its decision today. Penn National has also been informed that the IGB will place the proposed Argosy Gaming Company transaction on each upcoming public meeting agenda to ensure that the matter can legally be discussed and decided (pursuant to IGB regulations) by the IGB at the earliest possible opportunity. The IGB staff also confirmed to Penn National that being placed on the agenda and then tabled is not prejudicial to the company, but rather a result of the IGB's workload.
The vote of the Illinois Gaming Board is the only remaining regulatory approval required to complete the proposed transaction. The proposed transaction has been authorized by the regulatory agencies of all of the other twelve jurisdictions in which Penn and Argosy operate, as well as the Federal Trade Commission.
About Penn National Gaming
Penn National Gaming owns and operates casino and horse racing facilities with a focus on slot machine entertainment. Penn presently operates eleven facilities in nine jurisdictions including West Virginia, Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. In November 2004, Penn agreed to acquire all of the outstanding shares of Argosy Gaming Company.
Source: PR Newswire
Wednesday, 7 September 2005
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