A us$ 869 million deal
Nevada regulators approve Pinnacle and Ameristar merger
2013-05-17
Reading time 29 seg
(US).- Nevada regulators have approved a merger between Pinnacle Entertainment and rival Ameristar Casinos. The us$ 869 million deal will more than double Pinnacle's size. Pinnacle owns seven US casinos and a racetrack, and has another casino under development. Ameristar has eight casinos in the United States.
The deal had the approval of the boards of both Las Vegas operators, but needed the Nevada Gaming Commission to sign off. The commission approved the deal Thursday.
Pinnacle Entertainment has said the acquisition would save it at least us$ 40 million a year and boost earnings. Pinnacle has casinos in Louisiana, Missouri and Indiana.
Ameristar's holdings include casinos in Missouri, Iowa, Colorado, Mississippi, Indiana and Nevada.
Pinnacle Entertainment's shares rose to their highest level in more than four years in April.
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