Argosy (NYSE:AGY)
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Penn National Gaming, Inc. (Nasdaq: PENN) ("Penn")
announced at today's meeting of the Illinois Gaming Board (IGB) that
it will divest both of Argosy Gaming Company's (NYSE: AGY) Illinois
properties to secure the IGB's approval to proceed with the planned
acquisition of Argosy by Penn.
Under Penn National's proposal to the IGB, it would enter into an
agreement to sell the Alton Belle Casino in Alton, Illinois, and the
Empress Casino Joliet in Joliet, Illinois, within 18 - 24 months of
completing its acquisition of Argosy Gaming Company in exchange for
the IGB's approval to proceed with the acquisition of Argosy by Penn.
The IGB indicated to Penn National that if assets are to be divested
that it would prefer that a sale agreement be reached between Penn
National and the proposed buyer(s) within 12 months of the completion
by Penn of the Argosy Gaming Company transaction. Illinois Gaming
Board Chairman Aaron Jaffe stated at today's meeting that he was
optimistic that the proposed merger of Penn National Gaming and Argosy
Gaming Company could be approved at the September 29 meeting of the
IGB.
The Illinois Gaming Board approval is the only remaining
regulatory approval required to complete the proposed Argosy Gaming
transaction and Penn National is hopeful that the IGB approval can be
secured Thursday, September 29. The proposed transaction had
previously 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.
About Penn National Gaming
Penn National Gaming owns and operates casino and horse racing
facilities with a focus on slot machine entertainment. Penn presently
owns eleven facilities in nine jurisdictions including West Virginia,
Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado,
Maine and Ontario. In aggregate, Penn's facilities feature nearly
14,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000
square feet of gaming floor space. As announced last month, the
Company's Casino Magic - Bay St. Louis, in Bay St. Louis, Mississippi,
and the Boomtown Biloxi casino in Biloxi, Mississippi, remain closed
following extensive damage incurred as a result of Hurricane Katrina.
For more information about Penn National, visit
http://www.pngaming.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may vary materially from expectations. Penn describes
certain of these risks and uncertainties in its filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2004. Meaningful factors
which could cause actual results to differ from expectations described
in this press release include, but are not limited to, risks related
to the following: the passage of state, federal or local legislation
that would expand, restrict, further tax or prevent gaming operations
in the jurisdictions in which we do business; delays in obtaining
regulatory approvals required to complete, or other delays in
completing, the proposed acquisition of Argosy; our ability to
successfully complete the tender offers and consent solicitations; our
ability to complete the proposed acquisition of Argosy and to
successfully integrate its operations; our ability to maintain
regulatory approvals for our existing businesses and to receive
regulatory approvals for our new businesses (including without
limitation the issuance of final operators' licenses in Maine and
Pennsylvania). Furthermore, Penn does not intend to update publicly
any forward-looking statements except as required by law. The
cautionary advice in this paragraph is permitted by the Private
Securities Litigation Reform Act of 1995.