Pinnacle Entertainment

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Pinnacle Entertainment Inc. (NYSE: PNK) is a gaming and hospitality company based in Las Vegas, Nevada that was created in 1938. It owns and operates casinos in the United States and Argentina.

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[edit] Company names over time

Hollywood Park Entertainment was established in 1938 when it acquired the Hollywood Park Turf Club and was based in Glendale, California. At the time, the company ran thoroughbred and greyhound racing facilities. Incorporated in 1981 under the name Hollywood Park Realty Enterprises, Inc.. That was followed in 1992, when as part of a restructuring, it was renamed Hollywood Park, Inc. and listed on the NYSE. In February 2000, the company became known as Pinnacle Entertainment, Inc.[1]

[edit] History

In June 1997, Pinnacle began its transformation into a major gaming corporation by acquiring the Boomtown Casino & Hotel Reno and the Boomtown Casino New Orleans. This expansion continued when Pinnacle purchased the Casino Magic Corporation in 1998; adding both the Casino Magic Biloxi Casino & Hotel in Biloxi, Mississippi and the Casino Magic Bossier City i Bossier City, Louisiana to its portfolio. In 2000, the company opened its Belterra Casino Resort and Spa along the Ohio river in southern Indiana just outside of Cincinnati, Ohio.

In 2002, Pinnacle moved its headquarters to Las Vegas.

At the end of May 2005, Pinnacle opened the L'Auberge du Lac Resort on Lake Charles.

On February 24, 2006, Pinnacle Entertainment announced that it would purchase the President Riverboat Casino-Missouri for $31.5 million from President Casinos.

On March 13, 2006, Pinnacle announced plans to acquire Aztar Corporation for $2.1 billion. However, the acquisition was unsuccessful and on May 19, 2006, the company accepted a $78 million breakup fee as it ended its bid for Aztar.

Following Pinnacle's acquisition of a Lake Charles casino from Harrah's Entertainment, which was damaged by Hurricane Rita in 2005, it announced plans on June 20, 2006 to invest $350 million to construct Sugarcane Bay with an anticipated opening date in 2009. Harrah's has not announced plans for the site in Biloxi, Mississippi that it received in exchange for this property. Pinnacle also announced plans to add 250 rooms at the existing L'Auberge du Lac Resort.

On September 5, 2006, Pinnacle announced that it purchased Sands Casino Hotel in Atlantic City, New Jersey and will tear it down to build a $1.5 billion resort.[2] Pinnacle Atlantic City is over seeing demolition and construction of new casino in Atlantic City, NJ.

On December 21, 2006, Pinnacle completed the purchase of the President Casino in St. Louis, Missouri.

On February 9, 2008 voters in East Baton Rouge Parish, Louisiana approved a referendum allowing for the development of Pinnacle's Rivière Resort in Baton Rouge, Louisiana which will be larger than both of the competing riverboats in Baton Rouge combined.[3]

[edit] Casinos

[edit] United States

[edit] Argentina

  • Casino Magic Junin de los Andes
  • Casino Magic Neuquén
  • Casino Magic San Martin de los Andes

[edit] Bahamas

  • Great Exuma at Emerald Bay with Four Seasons

[edit] References

  1. ^ Pinnacle Entertainment. Retrieved on 2007-07-03.
  2. ^ Haught, J. Staas. "Sands sold, will close; Pinnacle plans to build $1.5B. megaresort casino hotel", Press of Atlantic City, 2006-09-06. Retrieved on 2006-09-06. 
  3. ^ Pinnacle Wins High-Dollar Casino Brawl. Retrieved on 2008-02-11.

[edit] External links