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It was announced that Pinnacle Entertainment, Inc. Has made a deal to sell to the company that owns the Golden Nugget the under-construction hotel-casino complex that is located in Lake Charles, La.

This transaction was reported to satisfy some of the issues associated with a settlement that had been reached with the Federal Trade Commission (FTC) to avoid antitrust issues that might come up concerning the $2.8 billion buyout of the Las Vegas-based company.

The Golden Nugget is owned by Houston-based Landry’s Inc. It has been announced that it will pay for all the development costs that are spent on Ameristar Lake Charles, but only until the closing date of the sale. In addition, the Golden Nugget is said to assume all outstanding costs that are owed on the development at that particular time. There is also to be a $37 million credit applied to Golden Nugget. Ameristar has said that it has spent $213.9 million (as of June 30) on the project. Additionally, the project is said to have a budget of around $580 million.

Golden Nugget has already announced that it will complete the hotel and casino complex, located on a 242-acre site that is adjacent to the existing L’Auberge Lake Charles. However, the transaction still needs to get FTC approval as well as the approval of Louisiana gaming regulators. It should be noted that this project is the last of the available gaming licenses in Louisiana.

In addition to the above, Golden Nugget operates hotel and casinos in Las Vegas, Atlantic City, Laughlin, and Biloxi, MS. In addition, the company operates over 500 national restaurant outlets; these are under nearly a dozen different brands.

In a recent statement, Tilman Fertitta, Landry’s Chief Executive Officer, said, “Due to our strong presence with all of our brands in the Texas and Louisiana markets, we are confident that we can grow gaming revenues in Lake Charles.”

For its part, Pinnacle has told the Missouri Gaming Commission that it wants to finalize an agreement in order to sell its Lumiere Place casino (located in downtown St. Louis). This sale, it has been reported, will satisfy the second concern that the FTC has with the overall Ameristar deal. Pinnacle has also said that it wants to close its purchase of Ameristar, a regional rival, before the end of August. The Missouri gaming regulators have already approved the deal. This gives the transaction the authorization from the state that it needs. With it, Pinnacle will be able to double its number of casinos to 16, located in nine states.

According to Pinnacle CEO Anthony Sanfilippo, this merger will result in savings of about $40 million. In addition, Pinnacle is said to acquire two smaller casinos located in the Nevada community of Jackpot, which is close to the Idaho border. These two smaller casinos will be part of the overall transaction.

Those involved in the deal report that they see considerable opportunity for both Pinnacle and Ameristar as their asset portfolios complement one another in many ways.