Pinnacle Entertainment secures Mississippi Gaming Commission approval to complete its proposed transaction with Gaming & Leisure Properties

On July 21, 2015, PNK and GLPI jointly announced a transaction in which Pinnacle will spin off its operating business and the real property of Belterra Park Gaming & Entertainment Center into a separately traded public company ("OpCo") and the real estate assets held by the remaining company ("PropCo") will be acquired by GLPI. As consideration for the real estate assets in PropCo, Pinnacle shareholders will receive a fixed exchange ratio of 0.85 of a share of GLPI common stock per share of Pinnacle common stock they own. Pinnacle shareholders will also receive one share of OpCo common stock for each share of Pinnacle common stock they own.

After the close of the transaction, Pinnacle will operate the leased gaming facilities under a triple-net Master Lease agreement with GLPI and will pay initial annual rent of $377 million. The transaction is subject to customary closing conditions, additional regulatory approvals and the approval of GLPI and Pinnacle's shareholders.

Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, commented, "We are pleased to have received the first of seven required state gaming regulatory agency approvals necessary to complete our proposed transaction with GLPI, and we thank the Mississippi Gaming Commission for expeditiously reviewing and approving our application. We have applications on file with the remaining six state gaming regulatory bodies that must approve various aspects of our transaction with GLPI, which we expect them to consider for approval at upcoming meetings. We expect to complete the transaction with GLPI in the 2016 first quarter."