Stockholders approve sale of casino for $869M
Published: May 2,2013
Tags: acquire, acquisitioon, buy, casino, convention, entertasinment, gamble, gambler, gambling, gaming, hospitality, hotel, lodging, meeting, nightlife, restaurant, sale, sell, tourism, tourist, visitor
VICKSBURG — The sale of Ameristar Casino will mark the second gambling house buyout in Vicksburg in less than a year.
The stockholders of Las Vegas-based Ameristar Casinos Inc. last week approved the company’s planned acquisition by Pinnacle Entertainment. The all-cash transaction is estimated to be valued at $869 million.
No change to Ameristar’s brand name was to accompany the deal’s closing, expected by this summer.
“Not in the near-term, no. Anything after that would be up to Pinnacle, who is acquiring us,” Ameristar spokeswoman Roxanne Kincaid told the Vicksburg Post.
In Vicksburg, the gambling scene has already experienced some changes.
Riverwalk, which opened in 2008, was purchased by Churchill Downs in October for $141 million.
A fourth casino, DiamondJacks, is owned by privately held Legends Gaming. The firm filed for bankruptcy in 2012, a case still active in U.S. Bankruptcy Court.
The former Grand Station Casino, which Harrah’s developed and opened in 1993, was auctioned for $10,000 recently as part of its own active bankruptcy proceeding. Its winning bidder, Robert Keyes Jr., plans to dismantle the vessel for scrap, pending permits form the city and the U.S. Army Corps of Engineers.
In November, the former Rainbow Casino was renamed Lady Luck Casino by Isle of Capri, which had purchased the casino in 2010.
Ameristar is the largest of Vicksburg’s casinos. It employs 800 at its 72,210-square-foot casino and hotel.
Pinnacle owns three casinos in Louisiana — two under the Boomtown brand in Bossier City and New Orleans — two casinos in Missouri, two in Indiana and a horse racetrack in Ohio.
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