Exterior of casino resort Belterra Park in Cincinnati will be part of a $315-million sale-leaseback with GLPI.

WYOMISSING, PA—Weeks after rumors surfaced on discussions between Penn National Gaming Inc. and Pinnacle Entertainment Inc., the two casino operators confirmed Monday that they plan to merge. Penn National has agreed to acquire Pinnacle in a cash-and-stock transaction that’s valued at approximately $2.8 billion and which is expected to close in the second half of 2018.