Tag Archives: Pinnacle Entertainment
US – Pinnacle receives final approval for Meadows Racetrack
The Pennsylvania Gaming Control Board (PGCB) has approved Pinnacle Entertainment’s acquisition of the Meadows Racetrack and Casino from Gaming and Leisure Properties. The approval by the PGCB represents the final regulatory clearance required to complete the transaction, following the earlier approval by the Pennsylvania Harness Racing Commission in August 2016. The Company expects to complete…
US – Louisiana approves Pinnacle’s sell and lease back deal
The Louisiana Gaming Control Board has unanimously granted the approvals necessary for Pinnacle Entertainment to complete its previously announced transaction with Gaming & Leisure Properties. The deal will see Pinnacle spin off its operating business and the real property of Belterra Park Gaming & Entertainment Center into a separately traded public company (OpCo) sell them…
US – Pinnacle Entertainment buys Meadows Racetrack from Gaming & Leisure Properties
Pinnacle Entertainment is buying Meadows Racetrack and Casino from Gaming and Leisure Properties for US$138m. Pinnacle will operate the Meadows’ gaming entertainment business and lease its underlying real property from GLPI in a triple net lease with initial annual rent of $25.5m (implying 1.9x rent coverage). On a trailing twelve month basis at February 29,…
US – Pinnacle’s performance hampered by Lake Charles’ competition
A noncash impairment charge and a rival casino both played their part in Pinnacle Entertainment reporting a fourth quarter net loss of $14.2m in 2015, compared to a profit of $14.2m the year before. Revenue grew in the fourth quarter by less than one per cent to $558.4m However, excluding Lake Charles, which marked the…
US – Gaming and Leisure Properties buys Pinnacle’s real estate
Gaming and Leisure Properties has reached a deal to buy all of Pinnacle Entertainment’s real estate assets in an all-stock transaction that will see Pinnacle become a tenant of GLPI’s. Pinnacle will operate the leased gaming facilities under a triple-net 10-year Master Lease agreement with GLPI that will have five subsequent, five-year extension periods at…
