Pinnacle Entertainment Purchases Additional Property in Downtown St. Louis
LAS VEGAS, NV, September 7, 2005. Pinnacle Entertainment, Inc. announced today that it has closed on a purchase of approximately 3 acres of additional property located along North First Street in downtown St. Louis. The property is near the Company's planned casino, luxury hotel and spa and adjacent to the 297-suite Embassy Suites Hotel, a purchase which Pinnacle also recently completed.
The property was purchased from the Land Clearance for Redevelopment Authority of the City of St. Louis as part of Pinnacle's various redevelopment agreements with the City.
"Pinnacle Entertainment has been working diligently to refine our plans in downtown St. Louis and create a truly unique entertainment destination. This purchase is a necessary step that will enable us to master plan a new entertainment district and community near the famed Gateway Arch," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment.
Pinnacle now owns or has an option on all real estate in a large area north of the Gateway Arch in an 18-acre redevelopment area bounded by Third Street, Carr Street, Lenore K. Sullivan Drive and Dr. Martin Luther King Boulevard.
Pinnacle Entertainment was selected for two St. Louis-area projects in early 2004 by the City and County of St. Louis, and then by the Missouri Gaming Commission in competitive bid processes that included applications from several gaming companies.
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