This year alone, Penn National Gaming Inc. announced plans to sell one of its two Pennsylvania racetracks to meet the requirement to set up slot machines in the other. It missed offers for a St. Louis-based casino company, sold a financially struggling Louisiana casino, and lost its Riverboat gaming license in Illinois.

But the Waiomishing Games company turned bullish on Wednesday when it announced an agreement to buy Argosi Games Inc. in Alton, Illinois, for about $2.2 billion, or about $47 per outstanding share.

Penn National said the purchase would rank third for U.S. gaming property operators and set aside $2 billion a year, more than 20,000 slots and about 700,000 square feet of casino space.

Argosi's properties include Alton Bell Casino in Algton serving the St. Louis metropolitan market; Argosi Casino-Riverside in Missouri; Argosi Casino-Batton Rouge in Louisiana serving the Kansas City market; Argosi Casino-Sue City in Iowa; Argosi Casino-Lawrenceburg in Indiana serving the Cincinnati and Dayton metropolitan markets; and Queen's Casino Joliet in Illinois serving the Chicago market.

Penn National Chairman and CEO Peter M. Carlino said in a prepared statement that the acquisition would double its revenue.

"It's a very powerful combination of creating the third-largest gaming property operator in the country with a presence in almost every major regional gaming market," Carlino said. "Argosi's properties are quite similar to ours, and our operational strategies are consistent as well."

The transaction has not yet been approved by Argosi shareholders, state regulators and other regulatory approvals and closing conditions.

Upon completion of this agreement, Penn National will enter into a total of 13 gaming facilities, four horse racing facilities, seven off-track betting sites, a 50% interest on the fifth horse racing facility, and a Canadian casino management agreement.  온라인카지노사이트

Argosi reported earnings of about $1 billion for the 12 months ended Sept. 30. Penn National shares, which were announced after the stock market closed, rose 22 cents to close at $41.44 on the Nasdaq stock market. But it was still active in after-hours trading.