Ameristar Casinos Announces Agreement to Acquire Developer of Casino Resort in Lake Charles, Louisiana for $32.5M
Ameristar Casinos, Inc. (NASDAQ: ASCA) today announced that it has entered into a definitive agreement to acquire all of the equity interests of Creative Casinos of Louisiana, L.L.C. ("Creative") from Creative Casinos, LLC. Creative is the developer of a proposed luxury casino resort in Lake Charles, Louisiana, which it planned to brand as Mojito Pointe. This is the last remaining riverboat gaming license available in Louisiana under current law. The acquisition is subject to the approval by the Louisiana Gaming Control Board on March 15, 2012 of an extension of the deadline for Creative to commence construction of the property to July 20, 2012 and of certain design and scope changes that Ameristar believes will enhance the competitiveness of the property.
The purchase price payable upon closing of the acquisition is $32.5 million (inclusive of a $1 million deposit payable following approval of the construction extension). Closing of the purchase is subject to a number of customary conditions, including regulatory approval and certain third-party consents.
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