Tropicana Entertainment now owns Lumi?re
It?s official. Tropicana Entertainment Inc. has acquired Lumi?re Place Casino & Hotels from?Pinnacle Entertainment?in a $260 million, all-cash deal.
The property will remain under the?Lumi?re?brand, and Tropicana has said it plans to honor Pinnacle?s redevelopment agreement with the city of St. Louis, which included $11.5 million in donations and some real estate.
Lumi?re?is the ninth casino property in Tropicana?s portfolio, which includes casinos in Indiana, Louisiana, Mississippi, Nevada, New Jersey and Aruba.?Lumi?re?is Tropicana?s second-largest casino property, after its casino in Atlantic City.
Pinnacle announced in June that it planned to sell its?Lumi?re?Place Casino, Hotel?Lumi?re?and the?Four Seasons Hotelin St. Louis and its hotel development project in Lake Charles, La., in order to appease the?Federal Trade Commission?so that it could complete its $2.8 billion acquisition of?Ameristar Casinos?Inc., a?merger that was completed in August.
Pinnacle (NYSE: PNK) is also the parent company of River City Casino & Hotel and Ameristar Casino St. Charles.
Source: Greta Weiderman (2014). Tropicana Entertainment now owns Lumi?re, Biz Talk http://www.bizjournals.com/stlouis/blog/2014/04/tropicana-entertainment-now-owns-lumi-re.html published Apr 01, 2014. Viewed Apr 04, 2014.