LAS VEGAS, June 20, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment (NYSE:PNK) announced today that the Mississippi 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 Mississippi Gaming Commission for expeditiously approving our proposed acquisition of Ameristar Casinos, and look forward to welcoming the guests and team members of Ameristar Vicksburg to the Pinnacle Entertainment family in the near future. Ameristar Casino Hotel Vicksburg is a terrific addition to our portfolio and nicely complements our existing operations in the region," said Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment. "We continue to work diligently to obtain the Federal Trade Commission and remaining state gaming regulatory agency approvals necessary to complete the acquisition. We remain on track to close the transaction in the 2013 third quarter," Mr. Sanfilippo continued.
About Pinnacle EntertainmentPinnacle 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.