Penn National Gaming to acquire Illinois company

Daniel Walmer//August 3, 2015//

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The acquisition of Prairie State Gaming is subject to regulatory approvals but should be completed later this quarter, Penn National said. The cost of the transaction was not released.

Illinois approved a law in 2009 permitting video gaming in businesses with a liquor license, Penn National spokesman Richard Land said. Prairie was among the companies that stepped in to provide that service, supplying and operating more than 1,100 video gaming terminals (VGTs) in 270 bars and retail establishments.

Prairie had nearly $10 million in pretax earnings from July 2014-June 2015, Penn National said.

Penn National is best known for owning and operating gaming and racing facilities, including three in Illinois, according to its website. However, COO Jay Snowden said in a news release that the company has a long-term strategy of growing through acquisitions.

“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,” he said.

Penn National also announced new leadership for Prairie. John Canham, currently acting general manager at Hollywood Casino at Kansas Speedway, will become general manager of VGT operations for Penn National, it said.

Prairie founder and president Rob Miller will remain with the company as a strategic adviser “to ensure a smooth transition,” Penn National said.

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