Nev. regulators approve Pinnacle, Ameristar deal
Nevada regulators approve Pinnacle buyout of rival casino operators Ameristar
LAS VEGAS (AP) -- Nevada regulators have approved Pinnacle Entertainment Inc.'s buyout of rival Ameristar Casinos Inc.
The $869 million deal will more than double Pinnacle's size.
Pinnacle owns seven U.S. casinos and a racetrack, and has another casino under development. Ameristar has eight casinos in the United States.
The deal had the approval of the boards of both Las Vegas operators, but needed the Nevada Gaming Commission to sign off. The commission approved the deal Thursday.
Pinnacle Entertainment Inc. has said the acquisition would save it at least $40 million a year and boost earnings.
Pinnacle has casinos in Louisiana, Missouri and Indiana.
Ameristar's holdings include casinos in Missouri, Iowa, Colorado, Mississippi, Indiana and Nevada.
Pinnacle Entertainment's shares rose to their highest level in more than four years in April.
