Pinnacle Entertainment Inc. (PNK:US), the operator of seven casinos and a racetrack, said it reached a tentative agreement with the Federal Trade Commission to complete its acquisition of Ameristar Casinos Inc. (ASCA:US)
The FTC filed a complaint in May to block the proposed $2.8 billion takeover, saying it would hurt competition and cause lower gambling payouts.
“We are pleased with the progress we have made in addressing the Federal Trade Commission’s administrative complaint and look forward to completing our proposed acquisition of Ameristar as soon as possible in the third quarter,” Anthony Sanfilippo, chief executive officer of Pinnacle Entertainment, said in a statement today.
Pinnacle said it plans to sell an Ameristar casino project in Lake Charles, Louisiana, and the Lumiere Place Casino, HoteLumiere and Four Seasons Hotel in St. Louis, subject to regulatory approvals, according to the statement.
Both companies are based in Las Vegas.
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