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Pinnacle Entertainment's (NASDAQ: PNK ) buyout of Ameristar Casinos (UNKNOWN: ASCA.DL ) 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 (NASDAQ: CZR ) , and Penn National (NASDAQ: PENN ) 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.
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