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Pinnacle Entertainment climbs after buying rival casino operator

Casino operator Pinnacle Entertainment (PNK) is climbing after the company agreed to buy another casino operator, Ameristar Casinos (ASCA), for $26.50 per share, or $2.8B. Both companies have casinos in the South and Midwest. Ameristar also has a casino in Jackpot, Nevada. In mid-morning trading, Pinnacle shares rose $1.90, or 14.27%, to $15.26, while Ameristar surged $4.08, or 18.49%, to $26.15.