COMPANIES STAND ON CASINO MERGER.Byline: Chris Sieroty Staff Writer GLENDALE - Pinnacle Entertainment 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. Inc. and Harveys Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Resorts Inc. on Thursday postponed their $1.4 billion merger, in which Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval was to be absorbed into Harvey to create a new company, PH Casinos A list of casinos. Antigua and Barbuda
The initial agreement is still in force, but Harveys Casino Resorts wants to re-evaluate the deal and offers no guarantee it will be completed, the company said in a statement. ``I am obviously disappointed that we haven't been able to successfully close the deal,'' said Paul Alanis, president and chief executive officer of Glendale-based Pinnacle Entertainment. ``I'm still hopeful. The buyer (Harveys) has until March 15 to close the deal.'' Shares of Pinnacle Entertainment lost 28.36 percent, or $6.0625, to close Thursday at $15.3125 on heavy volume of 2.1 million shares, while Harveys Casino Resorts gained 0.0625 cents, or 0.22 percent, to close at $28.625. Both companies are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ``Remember, we are the seller and they're the buyer. We are just trying to be as helpful as we can. In the end it has to be the buyer's decision whether to buy or not,'' Alanis said. Pinnacle Entertainment is a gaming company that owns and operates seven casinos and four hotels in Nevada, Mississippi, Louisiana, Indiana and Argentina. The company also operates two card clubs in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Founded in 1944 by Harvey and Llewellyn Gross, Lake Tahoe-based Harveys Casino Resorts owns and operates Harveys Resort Hotel and Casino in Nevada, along with other properties in Colorado and Iowa. |
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