Penn National Gaming Inc. announced last week that it plans to acquire Illinois-based Prairie State Gaming in an all-cash transaction.
“The planned acquisition of PSG is consistent with our proven long-term strategy for growth through accretive acquisitions," Jay Snowden, COO of Penn National Gaming, said. "PSG is one of Illinois’ most respected VGT operators, with a strong track record of regulatory compliance and a reputation for reliable around the clock service backed by one of the industry’s most experienced teams."
Considered one of the largest video gaming terminal operators in Illinois, PSG’s operations include more than 1,100 terminals across a network of 270 bars and retail gaming establishments throughout Illinois, according to PSG officials.
For the 12 months prior to June 30, 2015, PSG generated nearly $10 million. The transaction, which is expected to be immediately accretive to Penn National upon closing later this quarter, is subject to regulatory and other customary approvals and conditions.
“Penn National looks forward to adding our nearly two decades of industry leading experience in marketing, player development and operating electronic casino games in highly regulated environments,” Snowden said. “We believe this acquisition will provide us a solid platform for future growth in the Illinois VGT market and potentially other states where this form of gaming is authorized."
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