Penn National
Acquisition Vote on Argosy Gaming Postponed
Penn National Gaming, Inc.
announced today that the Illinois Gaming Board postponed
its August 25, 2005 scheduled vote on Penn National's
proposed acquisition of Argosy Gaming Company. 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.
The Company believes the postponement is related
to the Illinois Gaming Board's need for additional
time to review the information that Penn has provided
and that the additional review is focused predominantly
on the issue of whether the merger could result
in an undue economic concentration of assets in
the state. Penn has no information at this time
as to when the Illinois Gaming Board will meet to
vote on the proposed transaction. The Company continues
to expect that if the Illinois Gaming Board's approval
is secured that it will be able to complete the
transaction shortly thereafter.
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