Posted: Mar 14, 2012 11:36 AM
Source: Associated Press
LAKE CHARLES- Ameristar Casinos Inc. has agreed to acquire a riverboat casino project under development in Lake Charles for $32.5 million.
Ameristar, which has eight casino-hotels, is buying the uncompleted project from Creative Casinos of Louisiana LLC, which is headed by former Pinnacle Entertainment Inc. chief executive Daniel Lee.
Las Vegas-based Ameristar says it will take over development and raise Creative Casinos' minimum investment of at least $400 million to $500 million. Plans call for a dockside casino, a hotel with at least 700 rooms and an 18-hole golf course.
The resort is being developed on a 242-acre site adjacent to Pinnacle's L'Auberge du lac casino resort.
The sale will be considered by the Louisiana Gaming Control Board on Thursday.