Pinnacle Completes Acquisition of Harrah's Lake Charles Gaming Assets
LAS VEGAS, NV, November 10, 2006. - Pinnacle Entertainment, Inc. (NYSE: PNK) today announced it has completed its acquisition of certain Harrah's Entertainment, Inc. (NYSE: HET) entities that own Lake Charles gaming assets. The acquisition includes two casino boats and related gaming licenses, one of which would be utilized at Sugarcane Bay. The Company has filed a proposal with state gaming regulators to utilize the other in Baton Rouge, Louisiana.
Concurrent with the purchase, Pinnacle completed the sale of certain of its Casino Magic Biloxi assets, including all of the real estate, to a subsidiary of Harrah's. In conjunction with these transactions, Harrah's received additional consideration of approximately $25 million from Pinnacle, as the negotiated price of the Lake Charles assets being acquired by Pinnacle was higher than the negotiated price of the Biloxi assets being sold. Each company will retain its respective insurance claims related to extensive damage resulting from last year's hurricanes.
"This purchase allows us to move forward on two exciting new projects," said Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle Entertainment. "In addition to Sugarcane Bay, we look forward to further developing our proposed casino resort in Baton Rouge, which we believe will help to expand that market and enhance Pinnacle's national network of gaming properties."
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