Tropicana Completes Casino Purchase From PinnacleCasino Firm Acquires Ninth Casino Property |
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Tropicana Entertainment announced Tuesday that it has completed its acquisition of Lumière Place Casino, HoteLumière, and the Four Seasons Hotel St. Louis from industry competitor Pinnacle Entertainment. The deal was $260 million.
With the acquisition, Lumière becomes the ninth casino property in Tropicana’s portfolio. It has casinos in Indiana, Louisiana, Mississippi, Nevada, New Jersey and Aruba.
“We are incredibly excited to add this magnificent St. Louis property to Tropicana’s portfolio.” Tony Rodio, the company’s President and Chief Executive Officer, said in a statement.
“We are very much looking forward to becoming part of the St. Louis business community and working with the city and state as we operate Lumière into the future. We would like to thank Mayor Slay for his support in welcoming Tropicana to St. Louis and the Missouri Gaming Commission for its expedited review of our gaming applications.”
The sale came after the Federal Trade Commission originally expressed concern with Pinnacle’s merger with Ameristar Casinos. That acquisition was for a whopping $2.8 billion.
Last year, the government said that without selling some of its casino investments, “the transaction would have increased Pinnacle’s ability and incentive to raise prices post-acquisition, in the form of less favorable hold rates, rake rates, table game rules and odds, and lower player reinvestments.” The FTC approved the overall plan by a vote of 4-0.
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