Pinnacle Entertainment
| Type | Public |
|---|---|
| Industry | Hospitality, Gambling, Entertainment |
| Genre | Casinos,Horse Race Tracks |
| Predecessor(s) | Hollywood Park Entertainment, Hollywood Park Realty Enterprises, Hollywood Park Inc. |
| Founded | 1938 |
| Founder(s) | Jack L. Warner |
| Headquarters | Spring Valley, Nevada[1], United States |
| Key people | Anthony Sanfilippo, Carlos Ruisanchez, John A. Godfrey,Ginny Shanks, Daniel Boudreaux |
| Revenue | US$923.71 million (2007)[2] |
| Operating income | $8.35 million |
| Total assets | $2,193.54 million |
| Total equity | $1,052.36 million |
| Employees | 7,600 |
| Website | http://www.pnkinc.com |
Pinnacle Entertainment Inc. (NYSE: PNK) is a gaming and hospitality company based in the Las Vegas Valley, Nevada that was created in 1938. Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. In addition, Pinnacle is developing L'Auberge Casino & Hotel Baton Rouge with an expected opening in the Summer of 2012, and in August 2011, the Company acquired a 26% ownership stake in Asian Coast Development (Canada) Ltd. (ACDL), an international development and real estate company currently developing Vietnam's first large-scale integrated resort on the Ho Tram Strip.
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[edit] Company names over time
Hollywood Park Entertainment was established in 1938 by movie mogul Jack L. Warner when it acquired the Hollywood Turf Club and was based in Inglewood, California. At the time, the company ran thoroughbred and greyhound racing facilities. Incorporated in 1981 under the name Hollywood Park Realty Enterprises, Inc.. That was followed in 1992, when as part of a restructuring, it was renamed Hollywood Park, Inc. and listed on the NYSE. In February 2000, the company became known as Pinnacle Entertainment, Inc.[3] after selling Hollywood Park to Churchill Downs Incorporated.
[edit] History
On September 5, 2006, Pinnacle announced that it purchased Sands Casino Hotel in Atlantic City, New Jersey and would tear it down to build a $1.5 billion resort.[4] The property was closed on November 11, 2006 and demolished on October 18, 2007. Harsh economic times later caused Pinnacle to delay construction of the new resort.[5] In February 2010, the company announced that it had canceled its construction plans and would instead seek to sell the land.[6]
On December 21, 2006, Pinnacle completed the purchase of the President Casino in St. Louis, Missouri.
On February 9, 2008 voters in East Baton Rouge Parish, Louisiana approved a referendum allowing for the development of Pinnacle's Rivière Resort in Baton Rouge, Louisiana which will be larger than both of the competing riverboats in Baton Rouge combined.[7]
On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after he physically confronted and threatened a St. Louis (Missouri) County gaming regulator.[8]
On July 7, 2010, the company announced that it had completed the sale of all of the Argentina casinos for $40 million.[9]
[edit] Resorts and casinos
[edit] United States
- L'Auberge Casino & Hotel Baton Rouge - Baton Rouge, Louisiana (under development)
- Belterra Casino Resort & Spa- Belterra, Indiana
- Boomtown Hotel & Casino Bossier City - Bossier City, Louisiana
- Boomtown Casino & Hotel Reno- Reno, Nevada
- Boomtown Casino New Orleans Harvey, Louisiana
- L'Auberge du Lac Resort - Lake Charles, Louisiana
- Lumière Place (casino and hotels) - Saint Louis, Missouri
- President Casino Laclede's Landing - Saint Louis, Missouri (closed)
- River City Casino - Saint Louis, Missouri
- Sugarcane Bay Casino Resort - Lake Charles, Louisiana (canceled)
[edit] Previous operations
[edit] Argentina
- Casino Magic San Martin de los Andes (sold)
- Casino Magic Neuquén (sold)
[edit] Horse racing
[edit] United States
- River Downs- Cincinnati, Ohio
[edit] Previous operations
[edit] United States
- Hollywood Turf Club- Inglewood, California
[edit] References
- ^ "About Us". http://www.pnkinc.com/about_us.aspx. Retrieved 2009-05-11. "address: 8918 Spanish Ridge Avenue Las Vegas, NV 89148"
- ^ http://finance.google.com/finance?q=PNK
- ^ "Pinnacle Entertainment". http://www.hospitalityguild.com/Financial/Casinos/Pinnacle.htm. Retrieved 2007-07-03.
- ^ Haught, J. Staas (2006-09-06). "Sands sold, will close; Pinnacle plans to build $1.5B. megaresort casino hotel". Press of Atlantic City. http://www.pressofatlanticcity.com/news/story/6723494p-6593746c.html. Retrieved 2006-09-06.[dead link]
- ^ Pinnacle's AC casino plans on 'indefinite' hold, Forbes, November 7, 2008.
- ^ "Pinnacle folds its hand in Atlantic City", The Philadelphia Inquirer, February 6, 2010.
- ^ "Pinnacle Wins High-Dollar Casino Brawl". http://www.wafb.com/Global/story.asp?S=7853141. Retrieved 2008-02-11.
- ^ Howard Stuz (2009-11-09). "Pinnacle Entertainment CEO resignation may alter projects". http://www.lvrj.com/news/breaking_news/Pinnacle-Entertainment-CEO-Dan-Lee-resigns-from-the-company-69561457.html.
- ^ "Pinnacle Entertainment Completes Sale of its Argentina Operations" (Press release). Pinnacle Entertainment, Inc.. 2010-07-07. http://www.pnkinc.com/press-and-media-details.aspx?nrid=1445033. Retrieved 2010-08-16.
