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Penn Gaming Awaits Illinois
Gaming Board's Decision
Argosy Gaming has agreed to be acquired by
Penn National Gaming - and although the Illinois Gaming Board (IGB) has
not approved the acquisition, it seems the move will come to be. The
question now is more a matter of when. IGB has informed Penn that
its proposal will be looked over and voted on, but not after it sits as a
placeholder on the Board's betting agenda.
As a placeholder, Penn is guaranteed that its
case will be on each public meeting and that it will be given attention
after issues of higher priority are discussed first. The IGB informed
Penn that its placeholder position did not mean its case held no
unimportance, but that the Board had many pressing betting topics to address,
including the acquisition.
One could take this seeming indifference as a
sign that the acquisition has not rubbed anyone the wrong way and that it
will likely be given the green light. However, it is state law that
all legal issues regarding the acquisition be spelled out and approved by
the IGB before any changes take place. Penn will likely be expected to
share its intentions of the acquisition with the Board, and how the
companies goals would directly affect the state of Illinois.
Both Penn and Argosy operate betting sites within twelve
jurisdictions of Illinois, and as such, need an official approval from the
regulatory arms of each jurisdiction. The company's have received all
twelve approvals, including one from the Federal Trade Commission, which
gives its case an even more likelihood of being approved by the Illinois
Gaming Board in due time.
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