Gambling Business: Pinnacle Gets Regulatory OK From Louisiana To Buy AmeristarProposed Deal Looking Good After Regulatory Approval |
|
Pinnacle Entertainment announced last week that Louisiana gaming regulators approved its proposed acquisition of Ameristar Casinos, as well as the transfer of interest in the Ameristar Casino Lake Charles development project.
The company issued the follow statement after the ruling:
“This clearance represents one of the last two remaining state regulatory agency approvals needed to complete the acquisition, while also paving the regulatory path necessary for us to ultimately divest Ameristar’s Lake Charles development project and address the Federal Trade Commission’s anti-trust concerns in that market. Consideration of the acquisition and related matters will be on the agenda at next week’s Missouri Gaming Commission meeting, and if approval is obtained, we will have the last remaining state regulatory agency clearance in hand.
Since reaching an agreement in principle on proposed divestiture remedies with the FTC’s Bureau of Competition staff in June, we have made significant progress in negotiating a formal consent order. We anticipate a consent order that details the terms and conditions of the required divestitures in Lake Charles and St. Louis to be approved by the FTC in early August. Subject to receiving Missouri Gaming Commission approval, finalizing the consent order with the FTC and other customary closing conditions, we expect to complete the transaction in August 2013."
Pinnacle Entertainment owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, in addition to a racetrack in Ohio. It’s also developing another facility in Ohio.
In 2012, Pinnacle agreed to buy Ameristar Casinos for a massive $2.8 billion. Ameristar also has casinos sprinkled across the United States.
Click here for more news from the state of Louisiana.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
