Pinnacle Entertainment announced on Friday that it entered into an agreement to sell its Lumière Place Casino and Hotels complex in St. Louis to Tropicana Entertainment for US$260 million.
The transaction will include the 294-room HoteLumiere, the 200-room Four Seasons Hotel St. Louis and the Lumière Place Casino.
“We are pleased to enter into this agreement with Tropicana and to sell the high quality assets underlying this transaction to an equally high quality operator of gaming entertainment properties. We are also pleased to reach this very important next step in addressing the Federal Trade Commission’s concerns regarding the competitive dynamics of the St. Louis gaming market, and to progress toward fulfilling the divestiture conditions of the consent order that was accepted by the FTC on August 12. Following the completion of the divestitures of both Lumière Place Casino and Hotels and Ameristar’s Lake Charles development project, we will use the substantial cash proceeds we receive from these transactions to repay debt and reduce our leverage,” said Anthony Sanfilippo, Pinnacle Entertainment CEO.
