Pinnacle Entertainment Announces the Closing of the Previously Announced Disposition of Boomtown Reno
Pinnacle Entertainment (NYSE: 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.