Ohio State Racing Commission OKs Pinnacle plan to buy track

The Ohio State Racing Commission approved plans Thursday by Pinnacle Entertainment to acquire the River Downs Racetrack in southeast Cincinnati by the end of this month.

Las Vegas-based Pinnacle, a regional casino operator, said it would fund the $45 million acquisition through available cash.

Pinnacle Chief Executive Officer Anthony Sanfilippo said the deal could allow the company to open a casino with video lottery terminals at the racetrack if Ohio clears the use of more than 17,000 slot machines at the state's horse-racing facilities.

"We plan to move quickly to invest in and revitalize River Downs to develop a new gaming, racing and entertainment destination facility for the Cincinnati market." Sanfilippo said.

Penn National Gaming shares fell 34 cents, or 0.97 percent, Thursday to close at $34.76 on the Nasdaq Global Select Market.