Deals lead to reshuffling of St. Louis casino ownership

Ownership of casinos in the St. Louis area has shifted hands with the completion of two deals this month.

Penn National Gaming Inc. closed on its purchase of Pinnacle Entertainment Inc. last week. Through the deal, Penn acquired River City Casino in Lemay. It already owned Hollywood Casino in Maryland Heights and Casino Argosy Alton.

Pinnacle’s Ameristar St. Charles casino and properties in Kansas City, Indiana and Ohio were sold to Boyd Gaming Corp. to help the deal win regulatory approval.

Earlier in October, Eldorado Resorts Inc. finalized its $1.85 billion purchase of Tropicana Entertainment, which formerly owned Lumière Place in downtown St. Louis.

As part of that deal, Gaming and Leisure Properties Inc. (GLPI), which leases property to casino operators, was going to pay $1.21 billion for Tropicana’s real estate and lease it to Eldorado.

But Missouri regulators stepped in, and GLPI agreed to instead loan Eldorado $246 million to repurchase the Lumière real estate.

That means GLPI now owns or leases five of the St. Louis area’s six casino properties. Four different companies operate the casinos.

Read more: St. Louis Post-Dispatch


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