Business and Economics

Pinnacle New Official Owner Of Ameristar Casinos

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August 14, 2013 — Pinnacle Entertainment Inc.  completed the acquisition of Ameristar Casinos, which includes the Ameristar Casino Hotel in East Chicago. Pinnacle says the deal is valued at approximately $2.8 billion.  The acquisition will mean that Pinnacle will operate a total of 16 properties in nine states.

Pinnacle also owns the Belterra Casino Resort & Spa in southeast Indiana.

Ameristar stockholders are receiving $26.50 per share in cash for each share of Ameristar common stock. The transaction is valued at approximately $2.8 billion, including assumed debt. The acquisition is expected to be immediately accretive to Pinnacle Entertainment’s free cash flow and earnings per share.

Pinnacle Entertainment also announced today the closing of a $2.6 billion amended and restated senior secured credit facility.

 

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