By Kevin McCauley
Sard Verbinnen & Co. is backing Pinnacle Entertainment as it moves to acquire rival Ameristar Casinos in a deal worth $2.8B, which includes assumption of $1.9B in debt.
Casino City Times says the merger of the Las Vegas-based companies creates competition for regional gambling house rivals, Penn National Gaming Corp. and Boyd Gaming.
The transaction, which is expected to close by mid-2012, more than doubles Pinnacle’s size to 17 properties and includes casino/resorts in St. Charles (near St. Louis), Kansas City (MO), Council Bluffs ( IA), Black Hawk (CO), Vicksburg, (MS), East Chicago (IN) and Jackpot (NV).
Anthony Sanfilippo, CEO of Pinnacle, called the Ameristar acquisition a “transformative transaction” that provides his company the “scale and diversification to more effectively compete.”
SV&C’s Paul Kranhold and Ron Low work the Pinnacle deal. |