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Pinnacle Entertainment closes on Ameristar buyout

LAS VEGAS (AP) -- Pinnacle Entertainment has closed on its approximately $869 million acquisition of Ameristar Casinos Inc.

The deal was announced last month. Pinnacle and Ameristar put the transaction's total value at about $2.8 billion, including debt. Ameristar shareholders will receive $26.50 per share.

To gain anti-trust clearance, Pinnacle Entertainment Inc. agreed to sell its Lumiere Place Casino and Hotels in St. Louis and Ameristar's Lake Charles, La., development. The Lake Charles property is being sold to casino operator Golden Nugget and is expected to close before year's end. Pinnacle Entertainment said in July that it expects to sell Lumiere Place in the third quarter.

With the Ameristar buyout, Pinnacle Entertainment has now doubled its size to 16 properties. These sites exclude the Lake Charles property and Lumiere Place.

Pinnacle Entertainment anticipates the acquisition immediately adding to its earnings per share.