LAS VEGAS-Casino and hotel operator Pinnacle Entertainment has struck a deal to sell one large casino and several smaller ones in Argentina to a consortium of Argentine companies for approximately $40 million, subject to working capital and other adjustments and customary closing conditions, the company says. Pinnacle's Argentina assets consist of one large and several small casinos in the country's Patagonia region. The transaction is subject to approval from the government of the Province of Neuquen and the company expects to complete the transaction this summer.
Anthony Sanfilippo, president and chief executive officer of Pinnacle, said in a prepared statement that the transaction is consistent with the company's strategy of focusing on enhancing operating results at its core US properties to build shareholder value."
Pinnacle owns and operates casinos in Louisiana, Missouri, Indiana, Nevada and Argentina. In March it opened its newest casino, River City, in south St. Louis County, MO.
River City is a 90,000-square-foot casino along the Mississippi River. The $357-million project is one of two Pinnacle has developed in the St. Louis area. The company also recently completed Lumiere Place, a $507-million casino hotel downtown.
According to Pinnacle's latest annual report, filed in February, the company has begun preliminary work for its Sugarcane Bay at L’Auberge du Lac project in Lake Charles, LA, to be built adjacent to and integrated with its L’Auberge du Lac facility. Sugarcane Bay is expected to include at least 1,250 slot machines and 38 table games, a 400-guestroom hotel and a large multi-purpose venue. The project’s budget is approximately $305 million.
The company is also developing a casino-hotel in Baton Rouge, LA that is expected to have at least 1,300 slot machines and 50 table games and will be located on a portion of the 575 acres of land that Pinnacle owns approximately eight miles southeast of Downtown Baton Rouge. The project is expected to cost approximately $250 million.
Pinnacle also owns approximately 19 contiguous acres at the heart of Atlantic City, with extensive frontage along the Boardwalk, Pacific Avenue and Brighton Park, and approximately one and one-half acres of gaming-zoned land in Central City, CO, approximately 40 miles from Denver; it has an option to purchase an additional six acres of adjoining, non-gaming zoned land.
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