Pinnacle Entertainment, Inc. announced that it has gained approval for its purchase of the President Casino St. Louis Riverfront in United States Bankruptcy Court for the Eastern District of Missouri in St. Louis.
Pinnacle previously announced that it had entered into an agreement with President Casinos, Inc. to purchase all of the outstanding capital stock of President Riverboat Casino-Missouri, Inc., which does business as President Casino St. Louis Riverfront, for approximately $31.5 million.
The approval of this purchase agreement by the U.S. Bankruptcy Court will also require licensing approval by the Missouri Gaming Commission and final approval of the debtors' bankruptcy plan by the court.
The purchase agreement between Pinnacle and President Casinos is expected to close in the second half of 2006.
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