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Formerly |
|
---|---|
Company type | Public |
Nasdaq: PNK Russell 2000 Component | |
Industry | |
Founded | June 10, 1938 Inglewood, California, U.S. |
Founder | Jack L. Warner |
Defunct | October 15, 2018 |
Fate | Acquired by Penn National Gaming |
Headquarters | Spring Valley, Nevada, U.S. |
Key people | Anthony Sanfilippo (CEO) |
Revenue | US$ 2.56 billion [1] (2017) |
US$ 428.6 million [1] (2017) | |
US$ 61.7 million [1] (2017) | |
Total assets | US$ 3.95 billion [1] (2017) |
Total equity | US$ -321 million [2] (2017) |
Number of employees | 15,377 [1] (2017) |
Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.
Pinnacle Entertainment traced its roots to June 10, 1938, when movie mogul Jack L. Warner opened the Hollywood Park Turf Club racetrack in Inglewood, California. The original shareholders included Hollywood figures such as Walt Disney, Mervyn LeRoy and Bing Crosby.
The company was incorporated and renamed in 1981 as Hollywood Park Realty Enterprises. It was renamed as Hollywood Park, Inc. in 1992.
After many years in the horse racing business, the company began a transformation into a casino operator. In 1997, the company acquired Boomtown, Inc. and its three casinos in Nevada, Louisiana and Mississippi for $188 million. [3] In 1998, it acquired Casino Magic Corp. for $340 million, including two casinos in Mississippi, one in Louisiana and a controlling stake in two casinos in Argentina. [4] [5]
The company sold the Hollywood Park racetrack in 1999 to Churchill Downs, Inc. and in 2000 changed its name to Pinnacle Entertainment. Belterra Casino Resort & Spa made its debut in 2000 as Pinnacle's first company-designed and developed gaming resort. Then in 2005, Pinnacle opened L'Auberge du Lac in Lake Charles, Louisiana.
In September 2006, Pinnacle agreed to purchase the Sands Casino Hotel in Atlantic City, New Jersey and announced plans to replace it with a $1.5-billion resort. [6] The property closed on November 11, 2006, and was demolished on October 18, 2007. Harsh economic times later caused Pinnacle to delay construction of the new resort. [7] In February 2010, the company announced that it had canceled its construction plans and would instead seek to sell the land. [8] Eventually it was sold in 2013 for $29.5 million to a group of local developers who planned to build a casino or family entertainment attraction.
In December 2006, Pinnacle purchased the President Casino in St. Louis, Missouri.
Lumière Place opened in downtown St. Louis in December 2007, anchoring an entertainment district including the Four Seasons Hotel St. Louis and HoteLumière. In March 2010, Pinnacle opened River City Casino, in Lemay, Missouri. Pinnacle announced the expansion of its L’Auberge Baton Rouge project in September 2010 and held a grand opening on September 1, 2012.
On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after reportedly physically confronting and threatening a St. Louis County official. [9] [10] Anthony Sanfilippo was appointed as chief executive officer in March 2010.
In July 2010, the company sold its Argentina casinos for $40 million. [11]
In January 2011, Pinnacle purchased River Downs Racetrack in southeast Cincinnati.
The company agreed in April 2012 to buy a 75.5% stake in Retama Park, a money-losing horse track in Selma, Texas, for $22.8 million. The purchase was seen as a "defensive move" to help soften the blow if gaming in Texas were expanded and drew visitors away from Pinnacle's Lake Charles properties. [12]
In May 2011, Pinnacle expanded into the Asian gaming market with a $95-million investment for 26 percent ownership of Asian Coast Development Ltd., the owner and developer of the Ho Tram Strip, 80 miles away from Ho Chi Minh City in southern Vietnam, which will be the country's first large-scale integrated destination resort. Upon the closing of the transaction, Pinnacle would enter into a management agreement through 2058 for the second integrated resort on the Ho Tram Strip.
On June 26, 2012, Pinnacle sold Boomtown Reno for $12.9 million to M1 Gaming, the company of former Station Casinos executive Dean DiLullo. [13]
On August 14, 2013, Pinnacle bought Ameristar Casinos for $869 million plus $1.9 billion in assumed debt, [14] [15] adding nine properties in Colorado, Indiana, Iowa, Missouri, Mississippi and Northern Nevada. To gain FTC approval for the merger, Pinnacle agreed to sell its Lumiere Place property and Ameristar's under-construction casino in Lake Charles.
In November 2014, Pinnacle announced a plan to spin-off a real estate investment trust with the real estate assets of its 15 casinos. [16] Gaming and Leisure Properties (GLPI) then approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan. [17] Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015. [17] In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year. [18] The sale would be executed by Pinnacle spinning off a new company, also named Pinnacle Entertainment, with the casinos' operating businesses, along with ownership of Belterra Park (formerly River Downs) and the company's interest in Retama Park; GLPI would then acquire the original Pinnacle Entertainment. [19] The sale was completed in April 2016. [19] Pinnacle also purchased the operations of The Meadows Racetrack and Casino in Pennsylvania from GLPI for $138 million in September 2016. [20] [21]
In December 2017, Pinnacle agreed to be acquired by Penn National Gaming for $2.8 billion in cash and stock. [22] To ensure regulatory approval for the deal, Pinnacle would sell the operations of four properties to Boyd Gaming for $575 million prior to the merger: Ameristar Kansas City, Ameristar St. Charles, Belterra Casino, and Belterra Park. [23] The real estate of Belterra Park was originally to be sold to GLPI, but was ultimately sold to Boyd for $58 million. [24] [25] The transactions were completed on October 15, 2018. [26]
At the time of its acquisition, the company operated the following properties:
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's granddaughter, Marianne Boyd-Johnson, who currently serves as the company's executive chairman after her father, Bill, was appointed Chairman Emeritus in May 2023.
Columbia Sussex is a privately owned hotel company based in Crestview Hills, Kentucky. The company, owned by the Yung family, owns and operates hotels in various parts of the United States. The current president and founder is William J. Yung III.
Boomtown Reno is a hotel and casino located in Verdi, Nevada, just west of the Reno–Sparks metropolitan area. The hotel features 318 guest rooms and suites, and the casino has a 39,630 square feet (3,682 m2) gaming area.
Ameristar Casinos, Inc. was a casino operator based in Paradise, Nevada. It was acquired by Pinnacle Entertainment in 2013. The company had eight properties in seven markets.
Isle of Capri Casinos, Inc. was a gaming company headquartered in Creve Coeur, Missouri in Greater St. Louis which operated casinos and associated entertainment and lodging facilities in the United States.
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also offers sports betting in 15 jurisdictions and online casino gaming in 5, under brands such as ESPN BET and theScore.
Boomtown New Orleans is a casino hotel located on the West Bank of Jefferson Parish in Harvey, Louisiana. It is on a 54-acre (220,000 m2) site. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Cactus Petes Resort Casino is a hotel and casino located in Jackpot, Nevada. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment. It has 296 rooms and 24,827 sq ft (2,306.5 m2) of casino floor space. The casino offerings include more than 600 slot machines, including reels, video poker, video reels and video keno; two gaming pits featuring 20 table games; a seven-table live poker room and a keno lounge and sports book.
Margaritaville Resort Biloxi is a resort hotel in Biloxi on the Mississippi Gulf Coast. It previously operated with a dockside casino as Casino Magic Biloxi Casino & Hotel, until it was severely damaged by Hurricane Katrina in 2005. The property has a 373-room hotel, located on 10.6 acres (4.3 ha) of land.
Belterra Casino Resort & Spa is a riverboat casino on the Ohio River in Switzerland County, Indiana near Florence, roughly halfway between Louisville, Kentucky and Cincinnati, Ohio. It is owned by Gaming and Leisure Properties and operated by Boyd Gaming.
Tropicana Entertainment Inc. was a publicly traded gaming company that owned and operated casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey. and Aruba. Tropicana properties collectively had approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company was based in Spring Valley, Nevada, and was majority-owned by Icahn Enterprises. The company was acquired in 2018 by Eldorado Resorts and Gaming and Leisure Properties for $1.85 billion.
Ameristar Casino Hotel East Chicago is a riverboat casino in East Chicago, Indiana, docked at Indiana Harbor on Lake Michigan. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Boomtown, Inc. was an American gaming company founded in 1988 and was based in Verdi, Nevada and was the headquarters of Boomtown Reno. It was acquired on July 1, 1997, by Hollywood Park, Inc. for $188 million.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 60 casino properties, all of which are leased to other companies.
Golden Nugget Lake Charles is a 242-acre waterfront casino resort in Lake Charles, Louisiana, United States, owned and operated by Houston-based Landry's, Inc. The resort features 1038 guest rooms and suites housed in a 22-story tower, an 18-hole golf course, 30,000 square feet of meeting space, more than a dozen dining and bar options, a private beach, marina, spa & salon, retail corridor and expansive 24-hour casino floor.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
Ameristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
Ameristar Casino Resort Spa St. Charles is a riverboat casino located on the Missouri River in St. Charles, Missouri, a northwestern suburb of St. Louis. It is one of several casinos in the greater St. Louis market. It is currently owned by Boyd Gaming. Ameristar attracts over 5.5 million visitors a year and is one of the most visited tourist attractions in Missouri.
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