The Federal Trade Commission Feb. 22 approved a final order clearing Penn National Gaming Inc.’s $2.8 billion bid to acquire Pinnacle Entertainment Inc.
The order requires the casino companies to divest assets like slots and table games to Boyd Gaming Company in three Midwestern cities. The divestitures were part of a settlement the companies reached with the FTC in October to resolve competition concerns related to the deal.
Without the conditions, the deal would eliminate direct competition between Penn and Pinnacle in and around St. Louis, Kansas City, and Cincinnati, according to the commission. That could result in higher prices ...