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LAKE CHARLES, LA-Pinnacle Entertainment Inc.’s license and land swapwith Harrah’s Entertainment Inc. is one step closer to reality, with the Louisiana Gaming Control Board approving an agreement inked earlier this summer.

The Las Vegas-based Pinnacle declared the win in a recent SEC filing. The June agreement calls for the entertainment companies to exchange the 263-room Harrah’s Lake Charles Hotel and riverboats for Pinnacle’s 378-room Casino Magic Biloxi at 195 Beach Blvd. in the riverfront city.

The gaming board’s approval of the swap is based on a handful of conditions. One condition is Pinnacle must move forward on its 400-room, $350-million Sugarcane Bay, which the board also approved. Pinnacle’s SEC filing says that project will advance after it acquires the Harrah Lake Charles Hotel. In addition, Pinnacle is required to submit architectural blueprints, contractor’s name and construction timeline to the gaming control board for Sugarcane Bay. Pinnacle has 18 months to complete Sugarcane Bay from the time it breaks ground. Calls to Pinnacle and Harrah’s were not returned by press time.

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