Pinnacle Entertainment, Inc... is an American gambling and hospitality company. It operates sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and horse trails in Texas.
Video Pinnacle Entertainment
Histori
Pinnacle Entertainment traced its roots on June 10, 1938, when a movie maestro Jack L. Warner opened the Parkfre Club racetrack in Inglewood, California. Original stockholders include Hollywood figures such as Walt Disney, Mervyn LeRoy and Bing Crosby.
The company was founded and renamed in 1981 as Hollywood Park Realty Enterprises . It renamed Hollywood Park, Inc. in 1992.
After many years in the horse racing business, the company started transformation into a casino operator. On June 30, 1997, the Company acquired Boomtown, Inc. and three casinos in Nevada, Louisiana, and Mississippi for $ 188 million. In 1998, it acquired Casino Magic Corp. for $ 340 million, including two casinos in Mississippi, one in Louisiana and a controlling stake in two casinos in Argentina.
The company sold the Hollywood Park racetrack in 1999 to Churchill Downs, Inc. and in 2000 renamed Pinnacle Entertainment. Belterra Casino Resort & amp; Spa debuted in 2000 as the first gaming resort designed and developed by Pinnacle. Then in 2005, Pinnacle opened L'Auberge du Lac in Lake Charles, Louisiana.
In September 2006, Pinnacle agreed to purchase Sands Casino Hotel in Atlantic City, New Jersey and announced plans to replace it with a $ 1.5 billion resort. The property closed on November 11, 2006 and was destroyed on October 18, 2007. The cruel economic period then caused Pinnacle to delay the construction of the new resort. In February 2010, the company announced that it had canceled its construction plan and would try to sell the land. Finally sold in 2013 for $ 29.5 million for a group of local developers who plan to build a casino or family entertainment.
In December 2006, Pinnacle bought the President's Casino at St. Louis, Missouri.
Lumiäre Place is opened in the center of St. Louis in December 2007, which houses the entertainment area including the Four Seasons Hotel St. Louis. Louis and HoteLumiÃÆ'¨re. In March 2010, Pinnacle opened the River City Casino, in Lemay, Missouri. Pinnacle announced the expansion of the L'Auberge Baton Rouge project in September 2010 and held the opening on September 1, 2012.
On November 9, 2009, Dan Lee's chief executive was forced out by the company's board of directors after being physically reportedly facing and threatening a St. Louis County official.
In July 2010, the company sold its Argentine casino for $ 40 million.
In January 2011, Pinnacle purchased River Downs Racetrack in southeast Cincinnati.
The company agreed in April 2012 to buy a 75.5% stake in Retama Park, a horse-ridden path in Selma, Texas, for $ 22.8 million. The purchase was seen as a "defensive move" to help soften the blow if games in Texas expanded and attracted visitors away from the Charles Pinnacle property.
In May 2011, Pinnacle expanded into the Asian gaming market by investing $ 95 million for a 26 percent stake in Asian Coast Development Ltd., owner and developer of Ho Tram Strip, 80 miles away from Ho Chi Minh City in southern Vietnam, which will become an integrated destination resort the first large-scale in the country. Upon closing of the transaction, Pinnacle will enter into a management agreement up to 2058 for the second integrated resort on the Ho Tram Strip.
On June 26, 2012, Pinnacle sold Boomtown Reno for $ 12.9 million to M1 Gaming, former company of Station Casinos Dean DiLullo.
On August 14, 2013, Pinnacle bought Ameristar Casinos for $ 869 million plus $ 1.9 billion in assumed debt, adding nine properties in Colorado, Indiana, Iowa, Missouri, Mississippi and Northern Nevada. To obtain FTC approval for mergers, Pinnacle agreed to sell Lumiere Place properties and casinos under the Ameristar construction at Lake Charles.
In November 2014, Pinnacle announced plans to spin the trust of real estate investing with real estate assets of 15 casinos. Gaming and Convenience Properties (GLPI) then approached Pinnacle with an offer to buy those assets, which were said to be simpler and faster than Pinnacle's plans. Pinnacle did not respond to the offer, so GLPI announced its bid in March 2015. In July, the company reached an agreement for GLPI to buy 14 of the 15 Pinnacle properties for $ 4.75 billion in stock, and rented it back to Pinnacle, $ 377 million per year. The sale will be carried out by Pinnacle who spun a new company, also called Pinnacle Entertainment, with a casino operating business, along with Belterra Park ownership (formerly River Downs) and corporate interest in Retama Park; GLPI will then acquire original Pinnacle Entertainment. The sale was completed in April 2016. Pinnacle also purchased The Meadows Racetrack and Casino operation in Pennsylvania from GLPI for $ 138 million in September 2016.
In December 2017, Pinnacle agreed to be acquired by Penn National Gaming for $ 2.8 billion in cash and stock. To ensure regulatory approval for the deal, Pinnacle will sell four property operations to Boyd Gaming for $ 575 million before the merger: Ameristar Kansas City, Ameristar St. Charles, Belterra Casino, and Belterra Park. Belterra Park real estate will be sold to GLPI.
Maps Pinnacle Entertainment
Resorts and casinos
United States
- Ameristar Casino Hotel Council Bluffs - Council Bluffs, Iowa
- Ameristar Casino Hotel East Chicago - East Chicago, Indiana
- Ameristar Casino Hotel Vicksburg - Vicksburg, Mississippi
- Ameristar Casino Hotel Kansas City - Kansas City, Missouri
- Ameristar Casino Resort Spa Black Hawk - Black Hawk, Colorado
- Hotel Ameristar Casino Resort St. Petersburg Charles - St. Charles, Missouri
- Belterra Casino Resort & amp; Spa - Florence, Indiana
- Belterra Park Gaming & amp; Entertainment Center - Cincinnati, Ohio
- Boomtown Bossier City - Bossier City, Louisiana
- Boomtown New Orleans - Harvey, Louisiana
- Casino Cactus Petes Resort - Jackpot, Nevada
- Horseshu Hotel and Casino - Jackpot, Nevada
- L'Auberge Casino & amp; Hotel Baton Rouge - Baton Rouge, Louisiana
- L'Auberge Casino Resort Lake Charles - Lake Charles, Louisiana
- The Meadows Racetrack and Casino - North Strabane Township, Pennsylvania
- Retama Park - Selma, Texas (75% share)
- River City Casino - St. Louis, Missouri
Previous operation
Argentina- Magic Casino NeuquÃÆ' Â © n (sold)
- Magic Casino of San Martin de los Andes (for sale)
United States
- Boomtown Biloxi - Biloxi, Mississippi (for sale)
- Boomtown Las Vegas - Enterprise, Nevada (sold and renamed Silverton Las Vegas)
- Boomtown Reno - Verdi, Nevada (for sale)
- Magic Bay Casino Louis - Bay St. Louis, Mississippi
- Casino Magic Biloxi - Biloxi, Mississippi (closed and for sale)
- Hollywood Park Racetrack - Inglewood, California (for sale)
- LumiÃÆ'¨re Place - St. Louis, Missouri (sold)
- President of Laclede's Landing Casino - St. Louis, Missouri (closed)
References
External links
- Official website
Source of the article : Wikipedia
0 Comments