Pinnacle To Sell Missouri Casino For $260 Million

Pinnacle Entertainment Inc. has reached a deal to Lumiere Place Casino and Hotels to Tropicana Entertainment Inc. for a price of $260 million, the company said.

The deal is expected to close by the end of the first quarter in 2014. The deal is subject to approval for the Missouri Gaming Commission, as well as the Federal Trade Commission, which had concerns with Pinnacle’s merger with Ameristar Casinos.

“We are pleased to enter into this agreement with Tropicana and to sell the high quality assets underlying this transaction to an equally high quality operator of gaming entertainment properties,” Anthony Sanfilippo, CEO of Pinnacle Entertainment, said in a statement.

“We are also pleased to reach this very important next step in addressing the Federal Trade Commission’s concerns regarding the competitive dynamics of the St. Louis gaming market, and to progress toward fulfilling the divestiture conditions of the consent order that was accepted by the FTC on August 12th. Following the completion of the divestitures of both Lumiere Place Casino and Hotels and Ameristar’s Lake Charles development project, we will use the substantial cash proceeds we receive from these transactions to repay debt and reduce our leverage."

Pinnacle owns and operates 15 casinos, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri and Nevada, and a racetrack in Ohio.

For more news from Missouri, check out its state page.

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