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Pinnacle to buy Ameristar Casinos for about $869M

Published on NewsOK Modified: December 21, 2012 at 5:28 pm •  Published: December 21, 2012

The deal, which is expected to close by the end of the third quarter, has been approved by the boards of both Las Vegas operators. Pinnacle said it has received a financing commitment.

Pinnacle Entertainment Inc. said the acquisition would save it at least $40 million a year and boost earnings.

Pinnacle has casinos in Louisiana, Missouri and Indiana. It's developing another property in Ohio, and also has a racetrack in the state. Ameristar's holdings include casinos in Missouri, Iowa, Colorado, Mississippi, Indiana and Nevada. If the two companies had already been combined into one, it would have generated $2.4 billion in revenue in the 12 months through September, Pinnacle said.