Pinnacle has been a company nibbling at the edges of the gaming industry. This acquisition quickly gets them to the industry's core with two substantial assets in the two most important U.S. markets.

The legalization or presence of gaming in one state invariably leads to calls for a response in neighboring states. These experts will examine public policy, operational challenges, regulatory issues and the critical market dynamics.

Certainly, the Pennsylvania Gaming Control Board has made it clear that diversity is an important element of any license application. It seems to me that all of the applicants have received this message.

We aren't going to comment or make any assumptions until we meet with the company.

Although we remain neutral on the shares and believe current valuation is fair to modestly attractive, the company continues to execute at the upper end of its peer group and we would look to opportunistically build positions on pullbacks.

It seems to me this is a situation where there was an inadvertent disclosure and the company handled it appropriately.