Tropicana Entertainment to buy Lumiere Place

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LAS VEGAS (KTVI)- Pinnacle Entertainment announced Friday that it has entered into a agreement to sell Lumiere Place casino to Tropicana Entertainment Inc. for approximately $260 million. The sale would include Lumiere Place Casino, HoteLumiere, the Four Seasons Hotel St. Louis, and related land parcels.

The sale of Lumiere Place is expected to close in the spring of 2014,  following approval by the Missouri Gaming Commission and Federal Trade Commission.

On August 14, Pinnacle Entertainment closed a deal to buy rival Ameristar Casinos for $2.8-billion, meaning it now controls the Ameristar St. Charles operation. Regulators had insisted on the sale of Lumiere to preserve market competition. Pinnacle also owns River City Casino.