Interesting....
Pinnacle Entertainment purchasing Ameristar in $869 million deal
Pinnacle Entertainment announced today that it will acquire Ameristar Casinos for $869 million. "The acquisition of Ameristar is a transformative transaction for Pinnacle that will provide us the scale and diversification to more effectively compete," Pinnacle CEO Anthony Sanfilippo said. Acquiring Ameristar -- which Pinnacle valued at a total enterprise value of $2.8 billion -- will more than double the reach of the Las Vegas-based regional casino operator, adding Ameristar's properties in Colorado, Missouri, Indiana, Iowa, Mississippi and Nevada to its current properties in Louisiana, Missouri, Indiana and Ohio.
Ameristar Casinos Sold
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ginfre
- Forum Regular
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Have you seen some of the P&L's and Balance Sheets of the publicly traded operations, billyjoe? Specifically the debt load in the Equity section in the Balance Sheet, then the cash flow statements, also. I'm hoping some of the big ones improve themselves in the next few years, an easy example is Caesar's. Don't think I'd want to be their CFO right about now. Yup, I hope they and others start making some money and cash in on some of their bets.
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BillyJoe
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Right now, the big money is being made overseas, in places like Macau. But the casino business has always run on the premise that "it takes money to make money", so I do not see them shying away from having a huge debt load any time soon.
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ginfre
- Forum Regular
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Yes, this is true. Adelson is the one who really stands out for me. He's dern good for the gambling business. He rolls the dice in all things. He says, "follow my lead". He knows his odds. We'll be in Macau this year, or next for sure. This year we were in the Philippines with all our airline rez and didn't go, afterall. Easy flight from there. We came back to Vegas earlier then expected. No big deal. We were in Venice in November, as in Italy, they have one of the oldest Casinos in Europe, if not the oldest, still operating. We just couldn't fit it in. Wasn't a VP type of place. Anybody out there been to it, on the Grand Canal?
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patlives
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Not sure if this helps us in the Kansas City market or not. Looking at the players club, looks like a wash maybe a downgrade. Machine mix is hard to decipher. Looks like they have some decent offerings at some of their casinos and others look like a Harrah's. Ameristar has actually improved their inventory in the past few months, still nothing approaching 100% but better than the wasteland we had 6 months ago.
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Lucky Larry
- Video Poker Master
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- Joined: Sat Dec 13, 2008 7:35 pm
The Gambling Soap Opera Continues
Pinnacle's flagship L'Auberge du Lac (LDL) is in Lake Charles which is the closest gambling to Houston/Texas: .
The Saga:
1) Pinnacle was granted a second license by La. for a sister casino next to LDL;
2) Pinnacle lost its license after Pinnacle's CEO was fired for attempting to influence a County Judge's gambling vote in Missouri.
3) Lake Charles then held a referendum to decide if it wanted the new casino. Pinnacle opposed the referendum (didn't want the competition) but the referendum passed.
4) The fired CEO formed a corporation then outbid Pinnacle for the reissuing of the license by La.
5) The new corporation then failed to find funding to begin building by a specific time when the economy tanked-the license went back to the State of La.
6) The license was then granted by Louisiana to AmeriStar and ground was broken just a few months ago on AmeriStar's Lake Charles casino.
7) Now Pinnacle has control of the second license that it originally had, lost, opposed in referendum. lost to AmeriStar and now has again.
Pinnacle's flagship L'Auberge du Lac (LDL) is in Lake Charles which is the closest gambling to Houston/Texas: .
The Saga:
1) Pinnacle was granted a second license by La. for a sister casino next to LDL;
2) Pinnacle lost its license after Pinnacle's CEO was fired for attempting to influence a County Judge's gambling vote in Missouri.
3) Lake Charles then held a referendum to decide if it wanted the new casino. Pinnacle opposed the referendum (didn't want the competition) but the referendum passed.
4) The fired CEO formed a corporation then outbid Pinnacle for the reissuing of the license by La.
5) The new corporation then failed to find funding to begin building by a specific time when the economy tanked-the license went back to the State of La.
6) The license was then granted by Louisiana to AmeriStar and ground was broken just a few months ago on AmeriStar's Lake Charles casino.
7) Now Pinnacle has control of the second license that it originally had, lost, opposed in referendum. lost to AmeriStar and now has again.
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
The Gambling Soap Opera Continues
Pinnacle's flagship L'Auberge du Lac (LDL) is in Lake Charles which is the closest gambling to Houston/Texas: .
The Saga:
1) Pinnacle was granted a second license by La. for a sister casino next to LDL;
2) Pinnacle lost its license after Pinnacle's CEO was fired for attempting to influence a County Judge's gambling vote in Missouri.
3) Lake Charles then held a referendum to decide if it wanted the new casino. Pinnacle opposed the referendum (didn't want the competition) but the referendum passed.
4) The fired CEO formed a corporation then outbid Pinnacle for the reissuing of the license by La.
5) The new corporation then failed to find funding to begin building by a specific time when the economy tanked-the license went back to the State of La.
6) The license was then granted by Louisiana to AmeriStar and ground was broken just a few months ago on AmeriStar's Lake Charles casino.
7) Now Pinnacle has control of the second license that it originally had, lost, opposed in referendum. lost to AmeriStar and now has again.
You have to love our free enterprise system in this country, LL
Pinnacle's flagship L'Auberge du Lac (LDL) is in Lake Charles which is the closest gambling to Houston/Texas: .
The Saga:
1) Pinnacle was granted a second license by La. for a sister casino next to LDL;
2) Pinnacle lost its license after Pinnacle's CEO was fired for attempting to influence a County Judge's gambling vote in Missouri.
3) Lake Charles then held a referendum to decide if it wanted the new casino. Pinnacle opposed the referendum (didn't want the competition) but the referendum passed.
4) The fired CEO formed a corporation then outbid Pinnacle for the reissuing of the license by La.
5) The new corporation then failed to find funding to begin building by a specific time when the economy tanked-the license went back to the State of La.
6) The license was then granted by Louisiana to AmeriStar and ground was broken just a few months ago on AmeriStar's Lake Charles casino.
7) Now Pinnacle has control of the second license that it originally had, lost, opposed in referendum. lost to AmeriStar and now has again.
You have to love our free enterprise system in this country, LL
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Lucky Larry
- Video Poker Master
- Posts: 2693
- Joined: Sat Dec 13, 2008 7:35 pm
[QUOTE=Lucky Larry] The Gambling Soap Opera Continues Pinnacle's flagship L'Auberge du Lac (LDL) is in Lake Charles which is the closest gambling to Houston/Texas: . The Saga: 1) Pinnacle was granted a second license by La. for a sister casino next to LDL; 2) Pinnacle lost its license after Pinnacle's CEO was fired for attempting to influence a County Judge's gambling vote in Missouri. 3) Lake Charles then held a referendum to decide if it wanted the new casino. Pinnacle opposed the referendum (didn't want the competition) but the referendum passed. 4) The fired CEO formed a corporation then outbid Pinnacle for the reissuing of the license by La. 5) The new corporation then failed to find funding to begin building by a specific time when the economy tanked-the license went back to the State of La. 6) The license was then granted by Louisiana to AmeriStar and ground was broken just a few months ago on AmeriStar's Lake Charles casino. 7) Now Pinnacle has control of the second license that it originally had, lost, opposed in referendum. lost to AmeriStar and now has again.
You have to love our free enterprise system in this country, LL [/QUOTE]
Talked to a management member at Isle this week about the acquisition since they compete with Pinnacle in Lake Charles. Pinnacle also took on an additional $1.9 billion in debt in addition to their own.
Not covered in most articles is the fact that Pinnacle also on a side deal bought the Retama Horse Racing Track in San Antonio,Texas for about $8 million. This gives Pinnacle a position in Texas which under Gov. Perry has refused to allow legalization of gambling to be brought to vote by Texas voters. If, when, Texas legalizes gambling the plan would be to first allow dog and horse tracks to have slots and much of La. gambling would dry up as Texas $$ stays home. Got to love that gambling attitude!! A minor $8 million investment could be their biggest investment in a few years.
You have to love our free enterprise system in this country, LL [/QUOTE]
Talked to a management member at Isle this week about the acquisition since they compete with Pinnacle in Lake Charles. Pinnacle also took on an additional $1.9 billion in debt in addition to their own.
Not covered in most articles is the fact that Pinnacle also on a side deal bought the Retama Horse Racing Track in San Antonio,Texas for about $8 million. This gives Pinnacle a position in Texas which under Gov. Perry has refused to allow legalization of gambling to be brought to vote by Texas voters. If, when, Texas legalizes gambling the plan would be to first allow dog and horse tracks to have slots and much of La. gambling would dry up as Texas $$ stays home. Got to love that gambling attitude!! A minor $8 million investment could be their biggest investment in a few years.
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