Pinnacle Receives $78 Million From Aztar
Pinnacle Entertainment
LAS VEGAS, Nevada -- As reported by the Las Vegas Review Journal: "Pinnacle Entertainment ended Friday with an extra $78 million in the bank but without ownership of Aztar Corp.
"Gaming
Pinnacle Entertainment analysts and Wall Street investors weren't upset at the outcome of the two-month Aztar bidding war, won by Columbia Sussex Corp.
"The $78 million breakup fee paid to Pinnacle by Aztar -- $25.8 million will go to the lawyers -- is worth $1 a share in earnings to the Las Vegas-based casino company, according to one gaming analyst.
"...Pinnacle, which operates casinos in Reno, Louisiana, Indiana and Argentina, had sought to increase its scope nationally by acquiring Aztar, which operates the Tropicana casinos in Las Vegas and Atlantic City and three smaller casinos in Laughlin, Indiana and Missouri.
"Now, Pinnacle may cast its eyes elsewhere on the Strip.. . ."
Las Vegas, NV 89109
| Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana and Argentina, owns a hotel in Missouri, and receives lease income from two card club casinos in the Los Angeles metropolitan area. Pinnacle also has two casino development projects in the St. Louis, Missouri area, which are dependent upon final approval by the Missouri Gaming Commission. |
ReadyBetGo! is an independent gambling news and information service. If you plan to play in casinos, ensure
that you are not breaking any local laws. It's up to you to know the legality of your actions when you gamble.