FTC Approves Final Order Imposing Conditions on Penn National Gaming, Inc.’s Acquisition of Pinnacle Entertainment, Inc.

Following a public comment period, the Federal Trade Commission has approved a final order settling charges that casino operator Penn National Gaming, Inc.’s $2.8 billion agreement to acquire Pinnacle Entertainment, Inc. likely would be anticompetitive.

According to the complaint, which was first announced in October 2018, the proposed acquisition would harm competition for casino services—namely, slots and table games, as well as related lodging, entertainment, and food and beverage services—in metropolitan St. Louis, Missouri; Kansas City, Missouri; and Cincinnati, Ohio.

Under the settlement, Penn and Pinnacle must divest to Boyd Gaming Company Pinnacle’s Ameristar St. Charles property in the St. Louis market, Pinnacle’s Ameristar Kansas City property in the Kansas City market, and Pinnacle’s Belterra Park and Belterra Resort properties in the Cincinnati market.

The Commission vote approving the final order was 4-0-1. Commissioner Christine S. Wilson did not participate. (The staff contact is Maria M. DiMoscato, Bureau of Competition, 202-326- 2315)

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