Pinnacle Entertainment PNK
announced today the closing of the previously announced disposition of its
Boomtown Reno casino-resort operations to M1 Gaming Reno, LLC and SJP Reno
Property, LLC for total proceeds of approximately $12.9 million. At closing,
the casino-resort buyers were granted a one year option to purchase 100% of
the Company's membership interest in PNK (Reno), LLC, including 27 acres of
additional land adjacent to Boomtown Reno, for incremental consideration of
$3.8 million. In addition, Pinnacle Entertainment continues to hold
approximately 780 acres of remaining excess land surrounding Boomtown Reno as
a discontinued operation.
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