Penn National Gaming says it is discussing acquiring rival casino owner Pinnacle Entertainment, and creating a unified company with 45 properties in more than a dozen states and Canada.
Pennsylvania-based Penn National and Las Vegas-based Pinnacle say in a brief statements Thursday that the discussions may or may not lead to a transaction. Penn National says the discussions revolve around purchasing Pinnacle in a cash and stock transaction.
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It says any transaction will require approval from the two companies' boards, as well as regulators and shareholders.
Penn National has 29 properties. Pinnacle has 16 properties. A combined company would have more than $5 billion in revenue.