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Nevada Gaming Commission approves acquisition of Ameristar Casinos by Pinnacle Entertainment17 May 2013LAS VEGAS, Nevada -- (PRESS RELEASE) -- Pinnacle Entertainment announced today that the Nevada Gaming Commission unanimously approved the Company's proposed acquisition of Ameristar Casinos. Completion of the transaction remains subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, customary closing conditions and receipt of required regulatory approvals. "We are pleased to reach this first milestone in the regulatory approval process for our proposed acquisition of Ameristar Casinos, and thank the Nevada Gaming Control Board and Nevada Gaming Commission for acting diligently and expeditiously in addressing the transaction. We continue to work cooperatively with the Federal Trade Commission and the remaining state gaming regulatory agencies to obtain the necessary approvals to complete the transaction. We continue to expect to close the transaction in the second or third quarter of this year," said Anthony Sanfilippo, President and CEO of Pinnacle Entertainment. About Pinnacle Entertainment Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. In addition, Pinnacle is redeveloping River Downs in Cincinnati, Ohio into a gaming entertainment facility, owns an approximate 24% equity stake in Asian Coast Development (Canada) Ltd., and holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas. 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. |