US-based operator Ameristar is to acquire the developer of the Mojito Pointe casino project in Louisiana, Creative Casinos Louisiana.
Ameristar is to pay $32.5m for all of Creative Casinos Louisiana's equity interests from parent company Creative Casinos.
Mojito Pointe is a proposed luxury casino resort in Lake Charles and is the last remaining riverboat gaming licence available under the state's current law.
The acquisition is subject to the approval of the Louisiana Gaming Control but also depends on whether an extension of the deadline for Creative to begin construction of the property is granted and certain design and scope changes to the project.
"We believe the development of this project, which will cater to patrons from the large and growing Houston metropolitan area as well as other south-eastern Texas and south-western Louisiana communities, represents an excellent opportunity for Ameristar's growth and diversification," said Gordon Kanofsky, Ameristar's CEO. "By bringing our best-in-class approach to casino development and the guest experience to one of the country's largest but most under-served gaming markets, we believe we can create incremental value for our shareholders as well as economic development and jobs for the Lake Charles community."
As proposed by Ameristar, the resort will include a casino featuring 1,600 slots and 60 tables, a 700-room hotel and a variety of other entertainment facilities. It is expected to open in 2014.
