Missouri Gaming Commission approves transfer of casino properties

Pinnacle will continue to operate the casinos by leasing them from the REIT, Gaming and Leisure Properties Inc., known as GLPI.
Casinos directly affected are Pinnacle's Ameristar Kansas City, Ameristar St. Charles, and River City, in Lemay.

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Unite HERE, a union representing casino workers, had opposed Pinnacle's latest deal with GLPI.

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But GLPI will be the landlord of all but one of the St. Louis area's six casinos because it already owns the land and buildings housing the Casino Queen, Hollywood Casino and Argosy Alton. Only Tropicana Entertainment's Lumière Place casino on the riverfront will be outside GLPI's ownership in the St. Louis market.

Unite HERE, a union representing casino workers, had opposed Pinnacle's latest deal with GLPI. The union said the agreement was anticompetitive and puts in GLPI ownership casinos that produce 86 percent of gambling revenue in the St. Louis area and 66 percent in Kansas City.

Union representatives made a presentation to gaming commissioners before they voted in favor of the deal.

The acquisition still needs approval from one last regulator, the Louisiana Gaming Control Board. The Louisiana board is expected to vote next month, according to a Pinnacle press release.