|This Slide: #44 of 87|
Slide #44. Pinnacle Entertainment — Ameristar Casinos, Inc.
Pinnacle Entertainment (PNK)
Ameristar Casinos, Inc.
Pinnacle Entertainment, Inc. (NYSE:PNK) ("Pinnacle" or the "Company") announced today that it has completed the acquisition of Ameristar Casinos, Inc. (Nasdaq:ASCA) ("Ameristar"). As previously announced, Ameristar stockholders are receiving $26.50 per share in cash for each share of Ameristar common stock. The transaction is valued at approximately $2.8 billion, including assumed debt. The acquisition is expected to be immediately accretive to Pinnacle Entertainment's free cash flow and earnings per share. Pinnacle Entertainment also announced today the closing of a $2.6 billion amended and restated senior secured credit facility. The proceeds from the amended and restated senior secured credit facility, along with the proceeds from a recent 6.375% senior unsecured note offering, were utilized by the Company to finance the aggregate cash consideration for the acquisition of Ameristar, refinance its and Ameristar's existing credit facilities, pay related transaction fees and expenses, redeem its existing 8.625% senior notes due 2017 and will provide working capital and funds for general corporate purposes.
Pinnacle Entertainment is an owner, operator and developer of casinos and related hospitality and entertainment businesses. Co. owns and operates 16 gaming, hospitality and entertainment businesses in Ohio, Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, and Pennsylvania. Co. also holds a majority interest in the racing license owner, and Co. is a party to a management contract, for Retama Park Racetrack located outside of San Antonio, TX. Additionally, Co. owns and operates a live and televised poker tournament series under the trade name Heartland Poker Tour.
Open the PNK Page at The Online Investor »
Hold (2.40 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
powered by Xignite