Pinnacle Entertainment's (NYSE: PNK) buyout of Ameristar Casinos (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 (CZR), and Penn National (PENN -1.98%) 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.