Pinnacle Entertainment, Inc. (NYSE: PNK) has completed the previously announced sale of its Argentina operations to a consortium of Argentine companies for approximately $40 million in cash.
LAS VEGAS – Pinnacle Entertainment, Inc. (NYSE: PNK) has completed the previously announced sale of its Argentina operations to a consortium of Argentine companies for approximately $40 million in cash. Pinnacle’s Argentina assets consisted of one large and several small casinos in the country’s Patagonia region.
Anthony Sanfilippo, president and chief executive officer of Pinnacle Entertainment, commented, „Our investment in Argentina has been a fruitful one for our shareholders. Going forward, we believe the Company will benefit from its focus on high-priority growth initiatives. Pinnacle’s prospects for growth include the achievement of operational excellence at existing properties and the development of a pipeline of near- and long-term, return-focused market expansion opportunities, including our Baton Rouge casino resort project.“
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates casinos in Louisiana, Missouri, Indiana, and Nevada. In March 2010, Pinnacle opened its newest casino, River City, in south St. Louis County, Missouri. Pinnacle is also developing a casino in Baton Rouge, Louisiana.