Penn National Gaming in discussions to buy rival Pinnacle

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.

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.