WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq)  announced that it has priced its underwritten public offering of 16,666,667 shares of its common stock, $0.01 par value per share, at a public offering price of $18.00 per share and its underwritten public offering of $300 million aggregate principal amount of 2.75% Convertible Senior Notes due 2026. The size of the Common Stock Offering was increased from the previously announced $250 million of common stock of the Company, and the aggregate principal amount of the Convertible Notes Offering was increased from the previously announced $250 million. The gross proceeds to the Company from the Common Stock Offering and the Convertible Notes Offering, before deducting underwriting discounts and other offering expenses, are expected to be approximately $600 million (or approximately $690 million if the underwriters in the offerings fully exercise their options to purchase additional shares of common stock and Convertible Notes as described below).

In addition, the Company has granted the underwriters a 30-day option to purchase up to 2,500,000 of additional shares of its common stock at the public offering price less the underwriting discount in the Common Stock Offering (reflecting an increase from the previously announced option of up to $37.5 million additional shares of common stock) and a 30-day option to purchase up to $45 million aggregate principal amount of additional Convertible Notes, solely to cover over-allotments, in the Convertible Notes Offering (reflecting an increase from the previously announced option of up to $37.5 million aggregate principal amount of additional Convertible Notes).

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment. We also offer live sports betting at our properties in Indiana, Iowa, Michigan, Mississippi, Pennsylvania and West Virginia. In total, Penn National’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which launched iCasino in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia. The Company also has a leading customer loyalty program, mychoice, with over five million active customers.