Ameristar Casinos’ acquisition by Pinnacle is approved by Iowa
As part of its planned purchase of rival Ameristar Casinos Incorporated, land-based casino operator Pinnacle Entertainment Incorporated has announced that the Iowa Racing and Gaming Commission has now unanimously approved the proposed deal.
Pinnacle Entertainment runs seven casinos in the states of Louisiana, Indiana and Missouri in addition to a racetrack facility in Ohio and purchased Los Angeles-based sporting events organiser Federated Sports and Gaming Incorporated, which is responsible for the annual Heartland Poker Tour, a year ago.
The proposed purchase would see Las Vegas-based Pinnacle Entertainment hand over $2.8 billion in cash including assumed debt in order to take control of Ameristar Casinos and its facilities in St Charles near St Louis, Kansas City, Missouri, Council Bluffs, Iowa, Black Hawk, Colorado, Vicksburg, Mississippi, East Chicago, Indiana, and Las Vegas, Nevada, in addition to a resort under construction in Lake Charles, Louisiana.
“We thank the Iowa Racing and Gaming Commission for diligently and expeditiously approving our proposed acquisition of Ameristar Casinos and look forward to welcoming Ameristar Casino’s terrific gaming entertainment property in Council Bluffs, Iowa, into the Pinnacle Entertainment family in the near future,” said Anthony Sanfilippo, Chief Executive Officer for Pinnacle Entertainment.
“With both Iowa and Nevada approvals now behind us, we continue to work to obtain Federal Trade Commission and remaining state gaming regulatory agency clearances necessary to complete the transaction. We expect to close the transaction in the 2013 third quarter.”