Several buyers interested in Pinnacle properties
The company announced that it plans to sell these and its hotel development project in Lake Charles, Louisiana, in order to appease the Federal Trade Commission so that it can complete its planned us$ 2.8 billion acquisition of Ameristar Casinos.
The Lumiere Place Casino and Hotel Lumiere will be sold together and the Four Seasons could be sold separately to the same buyer, or to a different buyer.
Gary Andreas, a hotel analyst with H&H Consulting, said the three properties will likely be sold to one buyer. “To me, it would almost seem a little unusual if it wasn’t sold as a package,” he said. Andreas also said: “I don’t know that the Four Seasons would be as successful as it’s been without the relationship it’s had with the casino.” The Four Seasons, which is owned by Pinnacle but operated by Four Seasons, will continue to operate as a Four Seasons after its sale due to a long-term management agreement.
Net revenue at Pinnacle’s St. Louis properties was us$ 389.4 million in the 12 months ended March 31, according to the company, and Lumiere Place Casino and Hotels contributed 49 % of that revenue, or us$ 190.8 million.
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