Nevada regulators approve Pinnacle, Ameristar merger

Nevada regulators approve Pinnacle, Ameristar merger

By Krista Hostetler. CREATED May 16, 2013

LAS VEGAS (AP) -- Nevada regulators have approved a merger between Pinnacle Entertainment and rival Ameristar Casinos.

The $869 million deal will more than double Pinnacle's size.

Pinnacle owns seven U.S. casinos and a racetrack, and has another casino under development. Ameristar has eight casinos in the United States.

The deal had the approval of the boards of both Las Vegas operators, but needed the Nevada Gaming Commission to sign off. The commission approved the deal Thursday.

Pinnacle Entertainment Inc. has said the acquisition would save it at least $40 million a year and boost earnings.

Pinnacle has casinos in Louisiana, Missouri and Indiana.

Ameristar's holdings include casinos in Missouri, Iowa, Colorado, Mississippi, Indiana and Nevada.

Pinnacle Entertainment's shares rose to their highest level in more than four years in April.