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Owner of East Chicago casino one step closer to sale

Ameristar casino. | File Sun-Times Media

Ameristar casino. | File Sun-Times Media

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Updated: April 25, 2013 9:47PM



EAST CHICAGO — The sale of Ameristar Casino Inc. to Pinnacle Entertainment Inc. moved one step closer Thursday when 99.8 percent of stockholders approved the merger plan.

Ameristar has a casino in East Chicago.

Pinnacle agreed in December to acquire Ameristar in an all-cash transaction valued at $26.50 per Ameristar share, or a total of $2.8 billion including assumed debt.

Completion of the transaction remains subject to a required waiting period and regulatory approvals. The two casino companies expect the merger to take place in late summer or early fall.

Ameristar generates more than $1 billion in net revenues annually from its eight casinos.

A ninth Ameristar casino is under construction in Lake Charles, La.

Ameristar East Chicago took in $22.8 million in revenues in March, according to the Indiana Gaming Commission’s monthly revenue report released earlier this month.

Pinnacle owns and operates seven casinos and a racetrack in Ohio.



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