EAST CHICAGO | The Indiana Gaming Commission on Thursday approved Pinnacle Entertainment's acquisition of Ameristar Casino in East Chicago.
The approval means Pinnacle Entertainment is one step closer to acquiring the property. The company expects to close the transaction by this year's third quarter, according to a news release.
The acquisition is part of a merger between the two companies that was approved in May by Nevada regulators. Pinnacle Entertainment bought Ameristar Casinos for $869 million in December 2012 and agreed to take on Ameristar's $1.9 million debt.
"We thank the Indiana Gaming Commission for approving our proposed acquisition of Ameristar Casinos, and look forward to entering the Chicagoland market with Ameristar Casino Hotel East Chicago," said Anthony Sanfilippo, of Pinnacle Entertainment, in a prepared statement.
Ameristar Casino originally was opened in 1997 as Showboat Mardi Gras. It was then sold to Harrah's Casino and later to Resorts Destinations. Ameristar bought the casino in 2007.
Ameristar Casinos operates in Missouri, Iowa, Colorado, Mississippi, Nevada and Indiana, according to the company's website. Pinnacle Entertainment has properties in Indiana, Louisiana, Missouri, Texas and Ohio.