Gambling Business: Pinnacle Closer To Buying AmeristarCompanies Trying To Work Through Hurdles |
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Pinnacle Entertainment announced today that a big check point was reached in its quest to buy Ameristar Casinos, Inc.
According to a press release, Pinnacle intends to sell Ameristar’s casino hotel development project in Lake Charles, Louisiana, and Pinnacle’s Lumiere Place Casino, HoteLumiere and the Four Seasons Hotel in St. Louis, Missouri.
“We are pleased with the progress we have made in addressing the Federal Trade Commission’s administrative complaint and look forward to completing our proposed acquisition of Ameristar as soon as possible in the third quarter,” Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, said in a statement.
Pinnacle Entertainment. owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. Pinnacle is also redeveloping River Downs in Cincinnati, Ohio into a “gaming entertainment facility.”
The company owns a minority interest in Asian Coast Development Ltd., an international development and real estate company currently developing Vietnam’s first large-scale integrated resort on the Ho Tram Strip, and holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio.
On December 20, 2012, Pinnacle agreed to acquire Ameristar Casinos, Inc. in an all cash transaction valued at $26.50 per Ameristar share or total consideration of $2.8 billion including assumed debt. Ameristar owns and operates casino facilities in St. Charles near St. Louis, Mo., Kansas City, Mo., Council Bluffs, Iowa, Black Hawk, Colo., Vicksburg, Miss., East Chicago, Ind., and the Jackpot properties in Jackpot, Nev.
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