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LAS VEGAS, May 29, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NYSE:PNK) today commented on the administrative complaint issued by the Federal Trade Commission ("FTC") regarding Pinnacle Entertainment's proposed acquisition of Ameristar Casinos. According to the FTC's press release, the administrative complaint alleges that the combination of the two companies will lessen competition in the St. Louis and Lake Charles areas.
"We are disappointed by the FTC's decision to issue an administrative complaint regarding our proposed acquisition of Ameristar Casinos," said Anthony Sanfilippo, CEO of Pinnacle Entertainment. "We continue to believe that the merger of these two gaming-entertainment property portfolios would not have any adverse effect on competition in any of the geographies in which the combined company would operate, and remain excited about the compelling benefits that the merger will provide to our guests, team members and shareholders. We are committed to completing the transaction as expeditiously as possible and in the time frame agreed upon with Ameristar," said Sanfilippo.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. In addition, Pinnacle is redeveloping River Downs in Cincinnati, Ohio into a gaming entertainment facility, owns a minority interest in Asian Coast Development (Canada) Ltd., an international development and real estate company currently developing Vietnam's first large-scale integrated resort on the Ho Tram Strip, and holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
On December 20, 2012, Pinnacle agreed to acquire Ameristar Casinos, Inc. in an all cash transaction valued at $26.50 per Ameristar share or total consideration of $2.8 billion including assumed debt. Ameristar owns and operates casino facilities in St. Charles near St. Louis, Mo.; Kansas City, Mo.; Council Bluffs, Iowa; Black Hawk, Colo.; Vicksburg, Miss.; East Chicago, Ind.; and the Jackpot properties in Jackpot, Nev.