Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Subsequent to quarter end, we entered into a definitive agreement to sell the Ameristar Lake Charles development project to Golden Nugget, subject to closing conditions and regulatory approvals. Golden Nugget will pay total consideration equal to all cash expenditures on the development up until the date of closing, and the assumption of all outstanding payables related to the project at that time, less a $37 million credit. Golden Nugget will complete the development project following the closing of the transaction.

On August 5, 2013, we closed an offering of $850 million in aggregate principal amount of 6.375% senior notes due 2021 (the “6.375 Notes”). The proceeds of the offering are being held in escrow and will be released upon closing of the Merger. In addition, upon closing of the Merger, we anticipate entering into a new credit agreement which will provide for $1 billion in revolving credit facility and $1.6 billion in new term loans. The net proceeds from the offering of the 6.375% Notes, after deducting the initial purchasers' selling commissions and the estimated offering expenses payable of Pinnacle, are expected to be approximately $835 million. We intend to use the net proceeds from the offering together with the proceeds from our anticipated new credit facility, to finance the aggregate cash consideration for the merger with Ameristar, pay related transaction fees and expenses, redeem our 8.625% Notes and provide working capital and funds for general corporation purposes after the Merger.