Attached files
file | filename |
---|---|
8-K - FORM 8-K - Gold Merger Sub, LLC | c09002e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - Gold Merger Sub, LLC | c09002exv10w1.htm |
Exhibit 99.1
PINNACLE ENTERTAINMENT ENTERS INTO
AGREEMENT TO ACQUIRE CINCINNATIS RIVER DOWNS RACETRACK
AGREEMENT TO ACQUIRE CINCINNATIS RIVER DOWNS RACETRACK
LAS VEGAS, November 26, 2010 Pinnacle Entertainment, Inc. (NYSE: PNK) today announced that it has
entered into an agreement to acquire River Downs Racetrack for $45 million, subject to approval
from the Ohio State Racing Commission. Located in southeast Cincinnati, Ohio, River Downs is
located directly off of Interstate 275 and adjacent to Riverbend Music Center, along the Ohio
River. The proposed purchase, which will be funded from cash on hand, includes a total of
approximately 155 acres of land, 35 of which are currently undeveloped. The transaction is
anticipated to close by the end of the first quarter of 2011.
Anthony Sanfilippo, President and Chief Executive Officer of Pinnacle Entertainment, commented,
The proposed acquisition of River Downs Racetrack is consistent with our strategy to thoughtfully
deploy our solid balance sheet for return-focused growth opportunities. The transaction positions
Pinnacle to benefit from the possible legalization of video lottery terminals (VLTs) at Ohios
racetracks and, with the facilitys metropolitan Cincinnati location, we believe River Downs offers
an excellent complement to our nearby Belterra Casino Resort in Indiana, while also further
diversifying our operating base. River Downs has enjoyed a rich heritage in the heart of the horse
racing community in Ohio and along the Kentucky border. We look forward to building on this
heritage and enhancing the operations of the facility. If VLTs are allowed in Ohio, Pinnacle will
revitalize River Downs as a unique gaming entertainment destination in Cincinnati, which will drive
the creation of new full-time jobs while generating new tax revenue for the state and local
community. Given our financial liquidity profile and property development experience, we are
prepared to move quickly on the creation of a new gaming entertainment facility at the track.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates casinos in Louisiana, Missouri, Indiana, and Nevada.
In March 2010, Pinnacle opened its newest casino, River City, in south St. Louis County, Missouri.
Pinnacle is also developing a casino in Baton Rouge, Louisiana.
All statements included in this press release, other than historical information or statements of
historical fact, are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements, including statements regarding the anticipated closing of the purchase
of River Downs Racetrack and legalization of video lottery terminals (VLTs) at Ohio Racetracks, are
based on managements current expectations and are subject to risks, uncertainties and changes in
circumstances that could significantly affect future results. Accordingly, Pinnacle cautions that
the forward-looking statements contained herein are qualified by important factors that could cause
actual results to differ materially from those reflected by such statements. Such factors include,
but are not limited to: (a) the Company may experience delays in completing the transaction or fail
to complete the transaction due to circumstances beyond its control, including failure to obtain
approval of the Ohio Racing Commission; and (b) other risks, including those as may be detailed
from time to time in the Companys filings with the Securities and Exchange Commission (SEC). For
more information on the potential factors that could affect the Companys business and financial
results, review the Companys filings with the SEC, including, but not limited to, its Annual
Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
Belterra and River City are registered trademarks of Pinnacle Entertainment, Inc. All rights
reserved.
CONTACT: |
||
Investor Relations
|
Public Relations | |
Lewis Fanger
|
Kerry Andersen | |
Vice President, Finance & Investor Relations
|
Director, Community & Public Relations | |
702/541-7777 or investors@pnkmail.com
|
337/395-7631 or kandersen@ldlmail.com |
Richard Land, Jim Leahy
Jaffoni & Collins Incorporated
212/835-8500 or pnk@jcir.com
Jaffoni & Collins Incorporated
212/835-8500 or pnk@jcir.com
2