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LAS VEGAS, June 6, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment announced today that the Iowa Racing and Gaming Commission unanimously approved the Company's proposed acquisition of Ameristar Casinos. Completion of the transaction remains subject to the receipt of additional required regulatory approvals and customary closing conditions.
"We thank the Iowa Racing and Gaming Commission for diligently and expeditiously approving our proposed acquisition of Ameristar Casinos, and look forward to welcoming Ameristar's terrific gaming entertainment property in Council Bluffs, Iowa into the Pinnacle Entertainment family in the near future," said Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment. "With both Iowa and Nevada approvals now behind us, we continue to work to obtain Federal Trade Commission and remaining state gaming regulatory agency clearances necessary to complete the transaction. We expect to close the transaction in the 2013 third quarter," Mr. Sanfilippo continued.
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.