💰 Pinnacle Entertainment Completes Acquisition of Ameristar Casinos, Inc. Nasdaq:PNK

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Penn National Gaming has completed its acquisition of Pinnacle Entertainment, owner of East Chicago's Ameristar Casino and Hotel.


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(Reuters) - Casino operator Pinnacle Entertainment Inc PNK.N will acquire Ameristar Casinos Inc ASCA.O for about $ million to expand.


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Boyd Gaming Completes Acquisition Of Four Pinnacle Entertainment Assets of Ameristar St. Charles, Ameristar Kansas City and Belterra Casino Resort. Boyd Gaming acquired both the operations and real estate of Belterra.


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Penn National Gaming has completed its acquisition of Pinnacle Entertainment, owner of East Chicago's Ameristar Casino and Hotel.


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(Reuters) - Casino operator Pinnacle Entertainment Inc PNK.N will acquire Ameristar Casinos Inc ASCA.O for about $ million to expand.


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Pinnacle Entertainment agreed to acquire fellow casino-hotel operator Ameristar Casinos for $ million in cash.


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Pinnacle Entertainment, the Las Vegas-based gaming company, will acquire Ameristar Casinos, in a deal with an enterprise value of about.


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Pinnacle Entertainment agreed to acquire fellow casino-hotel operator Ameristar Casinos for $ million in cash.


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Boyd Gaming Completes Acquisition Of Four Pinnacle Entertainment Assets of Ameristar St. Charles, Ameristar Kansas City and Belterra Casino Resort. Boyd Gaming acquired both the operations and real estate of Belterra.


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Pinnacle Entertainment, owner of Ameristar Casino and Hotel in East Chicago, will be acquired by Penn National Gaming if a $ billion.


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Subscribe via RSS. Already have an account? Subscribe via ATOM. Michelle Shriver was granted 40, options and 16, restricted stock units, Troy Stremming was granted 30, options and 12, restricted stock units, and Jack Mohn was granted 24, options and 10, restricted stock units. Formats available: Original Medium Small. Register Sign In. Carlos Ruisanchez, President and Chief Financial Officer of Pinnacle Entertainment, commented, "We are optimistic and excited about the benefits that this fortified platform will provide our combined Company, including lower risk through increased operational and financial diversification, as well as a lower cost of capital and benefits from synergies and efficiencies of scale. The proceeds from the amended and restated senior secured credit facility, along with the proceeds from a recent 6. Pinnacle is well positioned for a bright future, offering an even more efficient Company with sustainable long-term value for our stakeholders. All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of and Section 21E of the Securities Exchange Act of These forward-looking statements, including statements regarding the Company's future cash flows and earnings per share; future growth; the execution or completion of the divestitures required by the Federal Trade Commission "Commission" in connection with the Ameristar acquisition; the ability of the Company to continue to meet its financial and other covenants governing its indebtedness; the ability of the Company to reduce its debt; the expected synergies and benefits of the combination of the Company and Ameristar, including the expected accretive effect of the merger on the Company's cash flow, profit, and other financial results; the anticipated benefits of geographic diversity that would result from the merger and the expected results of Ameristar's gaming properties, prospective performance and opportunities; are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors and uncertainties that could cause actual results to differ materially from those reflected by such statements. The options vest over four years and have a seven-year term and the restricted stock units vest over four years. We expect the merger to be immediately accretive to our earnings and free cash flow, and plan to use this enhanced free cash flow stream to repay debt and reduce our leverage. As a result of the transaction, the Company added eight properties and will operate a total of 16 properties in nine states, excluding the Ameristar Casino Lake Charles development project and Pinnacle's Lumiere Place Casino and Hotels which are potentially being divested as described below. With a Reader Account, it's easy to send email directly to the contact for this release. The Company expects to complete the divestiture of the Ameristar Casino Lake Charles development project by the end of The Company is in advanced discussions with potential buyers of Lumiere Place Casino and Hotels, and expects to enter into a definitive agreement for its divestiture in the third quarter of There can be no assurance that an agreement will be entered into on attractive terms, or at all. Log in here. Sanfilippo concluded, "We now move forward in a collaborative manner with a clear focus on achieving a seamless integration, maximizing the synergies between these two complementary asset portfolios, and unlocking the value that is created by this much larger Company. Golden Nugget will complete the development project following the closing of the transaction. The Company expects to use the proceeds from these planned divestitures to repay term loans and reduce leverage. In connection with the closing of the merger, certain employees of Ameristar Casinos, Inc. Sign up today for your free Reader Account! Email Print Friendly Share.

The acquisition is expected to be immediately accretive to Pinnacle Entertainment's free cash flow and earnings per share. GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press pinnacle entertainment buys ameristar casinos financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Pinnacle Entertainment, Inc. The Company has already entered into a definitive agreement to sell the Ameristar Casino Lake Charles development project to Golden Nugget. The potential dispositions described above remain subject to the approval of the FTC and gaming regulatory approvals and other customary closing conditions.