Several St. Louis area casinos involved in $2.8 billion sale of Pinnacle to Penn National
ST. LOUIS, MO — Several St. Louis area casinos will have new owners after approval of the $2.8 billion sale of Pinnacle Entertainment to Penn National Gaming.
Locally Pinnacle Entertainment owns Ameristar Casino in St. Charles and River City Casino in Lemay. Penn National runs the Hollywood Casino in Maryland Heights and Casino Argosy Alton.
The St. Louis Post-Dispatch reports that The Missouri Gaming Commission and the Illinois Gaming Board would have to approve any transfer of control of any casino.
The company is working with Boyd Gaming to sell properties that conflict with a sale. A press release from Penn National says that:
“Penn National has entered into a definitive agreement with Boyd in which Boyd will purchase Pinnacle’s gaming operations at Ameristar Kansas City and Ameristar St. Charles in Missouri; Belterra Casino Resort in Indiana; and Belterra Park in Ohio, for approximately $575 million in cash. These divestitures are anticipated to occur immediately prior to, and are conditioned upon, the completion of the Pinnacle acquisition”
Pinnacle Entertainment says that their shareholders will receive $20 and 0.42 shares of Penn National common stock for each Pinnacle share.