“We believe the transaction represents a uniquely attractive opportunity for Pinnacle and its shareholders given the significantly improved geographic and operational diversification of the combined portfolios,” said Pinnacle Chief Executive Officer Anthony Sanfilippo. “The acquisition of Ameristar is a transformative transaction for Pinnacle that will provide us the scale and diversification to more effectively compete.”
The deal is still subject to regulatory approval in some states, but if completed it will more than double the Las Vegas-based casino operator’s current number of properties.
Pinnacle currently owns seven casinos in Missouri, Louisiana, and Indiana as well as a racetrack in Ohio. After the deal, Pinnacle will add properties in Iowa, Colorado, and Northern Nevada.
The deal is expected to be completed in the third quarter of 2013.