Casino buyout approved

Jul 25, 2013

Credit Rob Boudon / Flickr

Gaming regulators in Missouri have approved Pinnacle Entertainment's $2.8 billion purchase of Ameristar Casinos, clearing one of the final hurdles in the acquisition.

The Missouri Gaming Commission voted 4-0 in favor of the deal Wednesday. Missouri was the last state to approve. The Federal Trade Commission must still give the go-ahead. Pinnacle spokeswoman Kerry Andersen says the company hopes to complete the transaction in August.

The FTC raised concerns in May that the buyout could diminish competition in the Missouri and Louisiana markets. Pinnacle agreed to sell its Lumiere Place casino and two hotels in downtown St. Louis, and an Ameristar complex in Lake Charles, La.

Pinnacle owns seven U.S. casinos in Louisiana, Missouri and Indiana. Ameristar has eight U.S. casinos in six states.