Lumiere Place Casino, Hotels For Sale
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ST. LOUIS (KMOX) – Pinnacle Entertainment, Inc., announced Monday it’s selling Lumiere Place Casino and Hotels, located in downtown St. Louis.
The sale is because of a deal between Pinnacle and the Federal Trade Commission in order to receive approval for Pinnacle’s merger with Ameristar Casino, Inc. Without the sale Pinnacle would operate three of the area’s casinos.
“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,” said Anthony Sanfilippo, Chief Executive Officer of Pinnacle, in a press release.
Pinnacle also has to sell the casino Ameristar is currently building in Lake Charles, Louisiana.
The St. Louis sale will include the Lumiere Place Casino, Hotel Lumiere and the Four Season Hotel.
Pinnacle says Lumiere contributed 49 percent of the company’s revenues from St. Louis last year, which means that 51 percent came from the River City Casino.
The $507 million Lumiere Place development opened in 2007.