Pinnacle Entertainment to sell Lumiere properties

Pinnacle Entertainment to sell Lumiere casino and hotels to Tropicana Entertainment for $260M

Associated Press

LAS VEGAS (AP) -- Pinnacle Entertainment said Friday it agreed to sell its Lumiere Place Casino, HoteLumiere and the Four Seasons Hotel St. Louis to Tropicana Entertainment for $260 million in cash.

The sale also includes related excess land parcels. Pinnacle agreed to sell the properties to get antitrust regulators to approve its purchase of Ameristar Casinos. The $869 million deal closed Wednesday.

The company also agreed to sell Ameristar's Lake Charles, La., development to casino operator Golden Nugget. The Federal Trade Commission had said the buyout could diminish competition in the Missouri and Louisiana casino markets.

Pinnacle Entertainment Inc. shares declined 13 cents to $21.80 on Friday and were unchanged in after-hours trading.

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