LAS VEGAS, June 27, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment (NYSE:PNK) announced today that the Indiana Gaming Commission 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.
Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, commented, "We thank the Indiana Gaming Commission for approving our proposed acquisition of Ameristar Casinos, and look forward to entering the Chicagoland market with Ameristar Casino Hotel East Chicago. The property and its team members have a reputation for providing a high level of service and top-quality guest experience, and we are excited to welcome them to the Pinnacle Entertainment family in the near future. The property will also augment our presence in the broader region, which currently includes Belterra Casino Resort in Florence, Indiana, and in the future, will include our new gaming entertainment center currently being developed at River Downs in Cincinnati, Ohio.
"We continue to make progress toward obtaining Federal Trade Commission and the 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 concluded.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.