Pinnacle Entertainment receives approval to complete its proposed transaction with Gaming and Leisure Properties

Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, stated, "We thank the Colorado Department of Revenue, Division of Gaming and the Colorado Limited Gaming Control Commission for their thorough and diligent review of our regulatory applications related to our transaction with Gaming and Leisure Properties. We are pleased to have obtained the Commission's unanimous approval and to have achieved the last gaming regulatory approval needed to complete our transaction with Gaming and Leisure Properties. We look forward to completing our transaction with Gaming and Leisure Properties on April 28," concluded Sanfilippo.

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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

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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 OpCo distribution is expected to be made on April 28, 2016, concurrent with the closing of the transaction with GLPI, subject to certain terms and customary closing conditions.