Pinnacle to buy Ameristar Casinos for about $869M

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