Pinnacle Entertainment's (NYSE: PNK) buyout of Ameristar Casinos (ASCA +0.00%) appears to be a done deal, but consolidation does little to make this or any other regional gaming stock attractive to investors. Pinnacle, Ameristar, Caesars Entertainment (CZR +0.00%), and Penn National (PENN +0.80%) have all seen negative organic growth over the past year as more competition outstrips demand. The Motley Fool's gaming analyst covers the red flags he sees in the industry below.
