Ameristar Casinos Inc. (ASCA: Quote) said Thursday that the Louisiana Gaming Control Board has okayed the transfer of the membership interests in Creative Casinos of Louisiana L.L.C. to Ameristar. The closing of the transfer of ownership is expected to occur in July 2012.
Creative is the developer of a proposed luxury casino resort in Lake Charles, La. This is the last remaining riverboat gaming license available in Louisiana under current law.
Ameristar said it intends to commence construction during the week of July 16, 2012, prior to the July 20 deadline under the license conditions approved by the Louisiana Gaming Control Board. The license conditions also require completion of the project within two years following the commencement of construction.
The company said the license conditions require a minimum investment in the project of $500 million. Ameristar expects to finance the project approximately one-half from future operating cash flow and one-half from borrowings under its revolving credit facility.
Ameristar said it has increased the project scope from Creative's design, and as currently planned, Ameristar Casino Resort Spa Lake Charles will include a casino with approximately 1,600 slot machines and 60 table games, a hotel with approximately 700 guest rooms, among other things.
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by RTT Staff Writer
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