Indiana Gaming Commission OKs Pinnacle purchase of Ameristar
Pinnacle Entertainment announced Thursday that the Indiana Gaming Commission approved its proposed acquisition of Ameristar Casinos. The transaction remains subject to the receipt of additional regulatory approvals and customary closing conditions.
Pinnacle Entertainment owns and operates seven casinos, located in Louisiana, Missouri and Indiana, and a racetrack in Ohio.
Chief Executive Officer of Pinnacle Entertainment Anthony Sanfilippo said the company is excited to enter the Chicago-area market with Ameristar’s location in East Chicago.
“We are excited to welcome them to the Pinnacle Entertainment family in the near future,” Sanfilippo said. “The property will also augment our presence in the broader region, which currently includes Belterra Casino Resort in Florence, Ind., and in the future, will include our new gaming entertainment center currently being developed at River Downs in Cincinnati, Ohio.”
On Dec. 20, Pinnacle agreed to acquire Ameristar Casinos 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.
Pinnacle must also obtain regulatory approval from the Federal Trade Commission and remaining state agency approvals to complete the acquisition. The company plans to close the deal in the third quarter.