Deal Worth $600M Gains Golden Nugget The Edge On Louisiana's Last Gaming License
by: Andrew Schneider, July 25, 2013 11:07:00 pm
Golden Nugget will take full control of the Ameristar Casino Lake Charles development project — buying out rival gaming giant Pinnacle Entertainment in a deal worth $600 million. The deal would give Golden Nugget the right to obtain the last gaming license currently available under Louisiana law.
Tillman Fertitta is owner and CEO of Landry’s and Golden Nugget.
“This’ll be our fifth Golden Nugget, and it’s right here next to the L’Auberge Casino in Lake Charles, Louisiana, which is a great project. And when you put the Golden Nugget right next to it, and you have 36 holes of golf between the two, it’ll be one of the great places to gamble outside of Las Vegas.”
Pinnacle itself owns the L’Auberge Lake Charles Casino, and is attempting to purchase Ameristar Casinos, Inc. for nearly $3 billion. The Federal Trade Commission challenged the takeover bid in May — saying it would lead to higher prices and lower quality for gaming customers in the Lake Charles area.