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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Ameristar Casinos shareholders OK company's sale to Pinnacle Entertainment

29 April 2013

Ameristar Casinos, Inc. shareholders on Thursday approved the company’s sale to rival regional gaming giant Pinnacle Entertainment, Inc. on a nearly unanimous vote.

Pinnacle announced plans in December to acquire Ameristar’s eight casinos in Northern Nevada, Missouri, Iowa, Colorado, Mississippi and Indiana, along with a property under construction in Louisiana for $2.8 billion, which includes assumed debt.

Approximately 99.8 percent of the shares voting at the company’s meeting favored the transaction. The shares represented approximately 81.6 percent of the total outstanding shares of Ameristar common stock.

Completion of the transaction awaits final antitrust approval and regulatory approvals in several states, including Nevada.