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Penn National Gaming has received preliminary approval from Nevada’s Gaming Control Board to obtain a casino license in the state.
Penn applied for the license in order to acquire a 1% stake in Nevada Slots and Supplies of Las Vegas, a small slot machine manufacturer and distributor.
Penn officials told regulators this week that they have been actively pursuing opportunities to purchase a casino operation in Las Vegas.
According to Penn’s attorney this move was an attempt to “get ahead of the curve” in order to expedite the process when a deal is finalized.
Last year Penn withdrew its bid for the bankrupt Fontainebleau, because of concerns with future construction cost and the possible return the project would get.
Rumors have also serviced that Penn is in negotiations with MGM Mirage and Harrah’s Entertainment, both of whom have stated that they were looking to streamline operations in order to reduce overhead costs.
Penn has also noted their interest in purchasing some or all of Station Casinos’ assets out of bankruptcy.
Penn will appear before the commission later this month for final licensing approval.
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