-Pinnacle Entertainment to Acquire Interest in Retama Park Racetrack in Texas.
Travel Business Review - 30 April 2012
Pinnacle Entertainment Inc (NYSE:PNK), a US-based company that owns and operates casinos in Nevada, Louisiana, Indiana, Missouri in US, and in Argentina, has announced entering into agreements to acquire a majority interest in Retama Partners Ltd (RPL), the company which owns a racing license for Retama Park Racetrack in San Antonio, US.
The company is acquiring a 75.5 percent equity stake in RPL for USD22.8m, inclusive of a purchase of debt securities.
Anthony Sanfilippo, the company president and chief executive officer, said, 'The Retama Park transactions provide Pinnacle with the opportunity to expand our portfolio of properties, diversify our operating base and provide strategic value for our shareholders. Pinnacle, along with Retama Partners, Ltd., will improve the financial health of Retama Development Corporation. Upon closing, we will immediately begin work to integrate Retama Park into our portfolio of properties and leverage our operational and marketing expertise to bolster the track's performance. We look forward to partnering with the City of Selma to enhance the value of Retama Park Racetrack and its economic impact on the State of Texas, the local community and the horseracing industry. We believe Retama Park provides significant strategic value for our shareholders given the potential approval of gaming entertainment centres at Texas pari-mutuel facilities and by expanding the reach of Pinnacle's operations in the region into two key Texas markets, San Antonio and Austin.'
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