Pinnacle Entertainment buys Aztar Corporation

Gaming company Pinnacle Entertainment Inc. is planning to acquire Aztar Corporation's outstanding shares for $38 each in cash. The financial transaction is estimated at $1.45 billion. This is great news for both corporations because it will push them to the top of list amongst stiff competition, Harrah's Entertainment Inc. and MGM Mirage Inc.

Las Vegas based Pinnacle owns and runs casinos in Nevada, Mississippi, Louisiana, Indiana and Argentina. With this merger, Pinnacle plans to open a casino in the Bahamas next to the Four Seasons Hotel in Exuma. They will expand their resorts in Indiana and Louisiana and build new hotels for the Boomtown New Orleans casino.

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