Pinnacle in FTC settlement talks on Ameristar
The FTC moved to stop Pinnacle’s proposed us$2.8 billion acquisition on May 29, saying the deal would hurt competition and lead to lower payouts for gamblers, especially in Missouri and Louisiana, according to the administrative complaint filed by the agency.
The FTC said that in St. Louis, Pinnacle’s acquisition of Ameristar would cut the number of casino service providers to three from four. In Lake Charles, Louisiana, an Ameristar casino going up adjacent to an existing Pinnacle one will be Pinnacle’s “closest and most significant” competitor in the market, the agency said.
Pinnacle and Ameristar, Las Vegas-based companies that run casinos throughout the U.S., have already provided for the divestiture of as many as two operational properties in their proposed merger agreement, which was announced in December.
Julie Collins, a spokeswoman for Pinnacle, and Peter Kaplan, a spokesman for the FTC, declined to comment on whether negotiations were taking place. The people familiar with the talks asked not to be named because the discussions are confidential.
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