On November 3, 2004, Penn National Gaming Inc. (PNG) signed a contract to acquire Argosy Gaming Company. At the time of the agreement, Argosy operated six casinos in the United States that generated a net income of $1.04 billion in 2004.1 PNG, headquartered in Pennsylvania, owned eight casinos in the U.S. and Canada, along with several race tracks and off-track betting facilities with a 2004 net income of $1.14 billion. The combination of PNG and Argosy created the third-largest gaming company in the United States. This report will provide an “after action” analysis of the FTC's intervention in the PNG-Argosy merger, paying particular attention to the Commission's jurisdictional and economic claims.

You can read the entire report at this link.