Pinnacle Entertainment, Inc. was an American

gambling Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three ele ...

and

hospitality Hospitality is the relationship between a guest and a host, wherein the host receives the guest with some amount of goodwill, including the reception and entertainment of guests, visitors, or strangers. Louis, chevalier de Jaucourt describes ...

company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana,

Mississippi Mississippi () is a state in the Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; and to the northwest by Arkansas. Miss ...

Missouri Missouri is a state in the Midwestern region of the United States. Ranking 21st in land area, it is bordered by eight states (tied for the most with Tennessee): Iowa to the north, Illinois, Kentucky and Tennessee to the east, Arkansas t ...

Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

, and

Ohio Ohio () is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Of the List of states and territories of the United States, fifty U.S. states, it is the List of U.S. states and territories by area, 34th-l ...

, and a horse track in Texas.

History

Pinnacle Entertainment traced its roots to June 10, 1938, when movie mogul

Jack L. Warner Jack Leonard Warner (born Jacob Warner; August 2, 1892 – September 9, 1978) was a Canadian-American film executive, who was the president and driving force behind the Warner Bros. Studios in Burbank, California. Warner's career spanned some ...

opened the Hollywood Park Turf Club racetrack in

Inglewood Inglewood may refer to: Places Australia *Inglewood, Queensland * Shire of Inglewood, Queensland, a former local government area *Inglewood, South Australia *Inglewood, Victoria *Inglewood, Western Australia Canada * Inglewood, Ontario *Inglewoo ...

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

. The original shareholders included Hollywood figures such as

Walt Disney Walter Elias Disney (; December 5, 1901December 15, 1966) was an American animator, film producer and entrepreneur. A pioneer of the American animation industry, he introduced several developments in the production of cartoons. As a film p ...

Mervyn LeRoy Mervyn LeRoy (; October 15, 1900 – September 13, 1987) was an American film director and producer. In his youth he played juvenile roles in vaudeville and silent film comedies. During the 1930s, LeRoy was one of the two great practitioners of ...

and

Bing Crosby Harry Lillis "Bing" Crosby Jr. (May 3, 1903 – October 14, 1977) was an American singer, musician and actor. The first multimedia star, he was one of the most popular and influential musical artists of the 20th century worldwide. He was a ...

. The company was incorporated and renamed in 1981 as Hollywood Park Realty Enterprises. It was renamed as Hollywood Park, Inc. in 1992. After many years in the

horse racing Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic pr ...

business, the company began a transformation into a casino operator. In 1997, the company acquired Boomtown, Inc. and its three casinos in Nevada, Louisiana and Mississippi for $188 million. In 1998, it acquired Casino Magic Corp. for $340 million, including two casinos in Mississippi, one in Louisiana and a controlling stake in two casinos in Argentina. The company sold the Hollywood Park racetrack in 1999 to Churchill Downs, Inc. and in 2000 changed its name to Pinnacle Entertainment. Belterra Casino Resort & Spa made its debut in 2000 as Pinnacle's first company-designed and developed gaming resort. Then in 2005, Pinnacle opened L'Auberge du Lac in Lake Charles,

Louisiana Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is bord ...

. In September 2006, Pinnacle agreed to purchase the Sands Casino Hotel in

Atlantic City, New Jersey Atlantic City, often known by its initials A.C., is a coastal resort city in Atlantic County, New Jersey, United States. The city is known for its casinos, boardwalk, and beaches. In 2020, the city had a population of 38,497.

and announced plans to replace it with a $1.5-billion resort. The property closed on November 11, 2006 and was demolished on October 18, 2007. Harsh economic times later caused Pinnacle to delay construction of the new resort. In February 2010, the company announced that it had canceled its construction plans and would instead seek to sell the land."Pinnacle folds its hand in Atlantic City"
''

The Philadelphia Inquirer ''The Philadelphia Inquirer'' is a daily newspaper headquartered in Philadelphia, Pennsylvania. The newspaper's circulation is the largest in both the U.S. state of Pennsylvania and the Delaware Valley metropolitan region of Southeastern Pen ...

'', February 6, 2010. Eventually it was sold in 2013 for $29.5 million to a group of local developers who planned to build a casino or family entertainment attraction. In December 2006, Pinnacle purchased the President Casino in St. Louis, Missouri.

Lumière Place Horseshoe St. Louis, formerly Lumière Place, is a casino hotel in St. Louis, Missouri. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment. History Located in downtown St. Louis, Lumière Place opened on December 19 ...

opened in downtown St. Louis in December 2007, anchoring an entertainment district including the Four Seasons Hotel St. Louis and HoteLumière. In March 2010, Pinnacle opened

River City Casino River City Casino is a casino in Lemay, Missouri, in Greater St. Louis. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment. It opened on March 4, 2010. History Located in Lemay, Missouri, River City Casino is on the ...

, in Lemay, Missouri. Pinnacle announced the expansion of its L’Auberge Baton Rouge project in September 2010 and held a grand opening on September 1, 2012. On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after reportedly physically confronting and threatening a St. Louis County official. In July 2010, the company sold its Argentina casinos for $40 million. In January 2011, Pinnacle purchased River Downs Racetrack in southeast Cincinnati. The company agreed in April 2012 to buy a 75.5% stake in

Retama Park Retama Park is a class 1 pari-mutuel horse racetrack located in Selma, Texas, United States, that opened in 1995. Live quarter horse races meet June to August and live thoroughbred races meet September to November. Simulcast racing is shown year ...

, a money-losing horse track in Selma, Texas, for $22.8 million. The purchase was seen as a "defensive move" to help soften the blow if gaming in Texas were expanded and drew visitors away from Pinnacle's Lake Charles properties. In May 2011, Pinnacle expanded into the Asian gaming market with a $95-million investment for 26 percent ownership of Asian Coast Development Ltd., the owner and developer of the Ho Tram Strip, 80 miles away from

Ho Chi Minh City , population_density_km2 = 4,292 , population_density_metro_km2 = 697.2 , population_demonym = Saigonese , blank_name = GRP (Nominal) , blank_info = 2019 , blank1_name = – Total , blank1_ ...

in southern Vietnam, which will be the country’s first large-scale integrated destination resort. Upon the closing of the transaction, Pinnacle would enter into a management agreement through 2058 for the second integrated resort on the Ho Tram Strip. On June 26, 2012, Pinnacle sold Boomtown Reno for $12.9 million to M1 Gaming, the company of former Station Casinos executive Dean DiLullo. On August 14, 2013, Pinnacle bought

Ameristar Casinos Ameristar Casinos, Inc. was a casino operator based in Paradise, Nevada. It was acquired by Pinnacle Entertainment in 2013. The company had eight properties in seven markets. History The roots of Ameristar Casinos date to 1954 when "Cactus Pet ...

for $869 million plus $1.9 billion in assumed debt, adding nine properties in Colorado, Indiana, Iowa, Missouri, Mississippi and Northern Nevada. To gain FTC approval for the merger, Pinnacle agreed to sell its Lumiere Place property and Ameristar's under-construction casino in Lake Charles. In November 2014, Pinnacle announced a plan to spin-off a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

with the real estate assets of its 15 casinos.

Gaming and Leisure Properties Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company own ...

(GLPI) then approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan. Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015. In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year. The sale would be executed by Pinnacle spinning off a new company, also named Pinnacle Entertainment, with the casinos' operating businesses, along with ownership of Belterra Park (formerly River Downs) and the company's interest in Retama Park; GLPI would then acquire the original Pinnacle Entertainment. The sale was completed in April 2016. Pinnacle also purchased the operations of The Meadows Racetrack and Casino in Pennsylvania from GLPI for $138 million in September 2016. In December 2017, Pinnacle agreed to be acquired by Penn National Gaming for $2.8 billion in cash and stock. To ensure regulatory approval for the deal, Pinnacle would sell the operations of four properties to

Boyd Gaming Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd (born 1931), who currently serves as th ...

for $575 million prior to the merger: Ameristar Kansas City, Ameristar St. Charles, Belterra Casino, and Belterra Park. The real estate of Belterra Park was originally to be sold to GLPI, but was ultimately sold to Boyd for $58 million. The transactions were completed on October 15, 2018.

Resorts and casinos

At the time of its acquisition, the company operated the following properties: *

Ameristar Casino Council Bluffs Ameristar Casino Hotel Council Bluffs is a riverboat casino in Council Bluffs, Iowa, on the Missouri River directly across from Omaha, Nebraska. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment. The property incl ...

—

Council Bluffs, Iowa Council Bluffs is a city in and the county seat of Pottawattamie County, Iowa, United States. The city is the most populous in Southwest Iowa, and is the third largest and a primary city of the Omaha-Council Bluffs Metropolitan Area. It is loc ...

* Ameristar Casino Hotel East Chicago —

East Chicago, Indiana East Chicago is a city in Lake County, Indiana, United States. The population was 29,698 at the 2010 census. The city is home of the Indiana Harbor and Ship Canal, an artificial freshwater harbor characterized by industrial and manufacturing ac ...

Ameristar Casino Vicksburg Ameristar Casino Hotel Vicksburg is a riverboat casino located in Vicksburg, Mississippi on the Mississippi River. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment Penn Entertainment, Inc., formerly Penn Nationa ...

—

Vicksburg, Mississippi Vicksburg is a historic city in Warren County, Mississippi, United States. It is the county seat, and the population at the 2010 census was 23,856. Located on a high bluff on the east bank of the Mississippi River across from Louisiana, Vi ...

* Ameristar Casino Hotel Kansas City —

Kansas City, Missouri Kansas City (abbreviated KC or KCMO) is the largest city in Missouri by population and area. As of the 2020 United States census, 2020 census, the city had a population of 508,090 in 2020, making it the List of United States cities by populat ...

* Ameristar Casino Resort Spa Black Hawk —

Black Hawk, Colorado Black Hawk is a home rule municipality located in Gilpin County, Colorado, United States. The city population was 127 at the 2020 United States Census, making Black Hawk the least populous city (rather than town) in Colorado. The tiny city is ...

Ameristar Casino Resort Spa St. Charles Ameristar Casino Resort Spa St. Charles is a riverboat casino located on the Missouri River in St. Charles, Missouri, a northwestern suburb of St. Louis. It is one of several casinos in the greater St. Louis market. It is currently owned by Bo ...

— St. Charles, Missouri * Belterra Casino Resort & Spa — Florence, Indiana *

Belterra Park Gaming & Entertainment Center Belterra Park, formerly known as River Downs, is a racino located in Anderson Township, Hamilton County, Ohio, just outside the southeast limits of Cincinnati. It is owned by Gaming and Leisure Properties and operated by Boyd Gaming. History R ...

—

Cincinnati, Ohio Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line w ...

* Boomtown Bossier City —

Bossier City, Louisiana Bossier City ( ) is a city in Bossier Parish in the northwestern region of the U.S. state of Louisiana in the United States. It is the second most populous city in the Shreveport–Bossier City metropolitan statistical area. In 2020, it had a ...

Boomtown New Orleans Boomtown New Orleans (formerly Boomtown Westbank) is a casino hotel located on the West Bank of Jefferson Parish in Harvey, Louisiana. It is on a site. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment. Casino Boomto ...

— Harvey, Louisiana * Cactus Petes Resort Casino —

Jackpot, Nevada Jackpot is an unincorporated community and census-designated place (CDP) in Elko County, Nevada, United States. The population was 855 as of the 2020 census. Located less than from the Idaho border on US 93, Jackpot has been a popular casino g ...

* Horseshu Hotel and Casino — Jackpot, Nevada * L'Auberge Casino & Hotel Baton Rouge —

Baton Rouge, Louisiana Baton Rouge ( ; ) is a city in and the List of capitals in the United States, capital of the U.S. state of Louisiana. Located the eastern bank of the Mississippi River, it is the county seat, parish seat of East Baton Rouge Parish, Louisiana, E ...

* L'Auberge Casino Resort Lake Charles —

Lake Charles, Louisiana Lake Charles (French: ''Lac Charles'') is the fifth-largest incorporated city in the U.S. state of Louisiana, and the parish seat of Calcasieu Parish, located on Lake Charles, Prien Lake, and the Calcasieu River. Founded in 1861 in Calcas ...

* The Meadows Racetrack and Casino —

North Strabane Township, Pennsylvania North Strabane Township is a township in Washington County, Pennsylvania, United States. The population was 15,691 at the 2020 census. The township is named after the town of Strabane in County Tyrone, Northern Ireland. The township borders th ...

— Selma, Texas (75% stake) *

— St. Louis, Missouri

Previous operations

Argentina

* Casino Magic Neuquén (sold) * Casino Magic San Martin de los Andes (sold)

United States

* Boomtown Biloxi —

Biloxi, Mississippi Biloxi ( ; ) is a city in and one of two county seats of Harrison County, Mississippi, United States (the other being the adjacent city of Gulfport). The 2010 United States Census recorded the population as 44,054 and in 2019 the estimated popu ...

(sold) * Boomtown Las Vegas —

Enterprise, Nevada Enterprise is an unincorporated town in the Las Vegas Valley in Clark County, Nevada, United States. The population was 221,831 at the 2020 U.S. Census, up from 14,676 at the 2000 census. It was founded on December 17, 1996. Like other uninco ...

(sold; now Silverton Las Vegas) * Boomtown Reno — Verdi, Nevada (sold) * Casino Magic Bay St. Louis —

Bay St. Louis, Mississippi Bay St. Louis is a city in and the county seat of Hancock County, Mississippi, in the United States. Located on the Gulf Coast on the west side of the Bay of St. Louis, it is part of the Gulfport–Biloxi Metropolitan Statistical Area. As o ...

(sold) * Casino Magic Biloxi — Biloxi, Mississippi (closed and sold; now Margaritaville Resort Biloxi) *

Hollywood Park Racetrack Hollywood Park was a thoroughbred race course located in Inglewood, California, about 3 miles (5 km) from Los Angeles International Airport and adjacent to the Forum indoor arena. In 1994, the original Hollywood Park Casino was added to ...

—

Inglewood, California Inglewood is a city in southwestern Los Angeles County, California, in the Los Angeles metropolitan area. As of the 2020 U.S. Census, the city had a population of 107,762. It was incorporated on February 14, 1908. The city is in the South Bay ...

(sold) *

— St. Louis, Missouri (sold) *

President Casino Laclede's Landing President Casino Laclede's Landing was a stationary riverboat casino in Saint Louis, Missouri owned by Pinnacle Entertainment. History The President Casino opened in 1994 on the SS ''Admiral'' shortly after Missouri legalized riverboat casino ...

— St. Louis, Missouri (closed)

References

{{Pinnacle Entertainment 1938 establishments in California 2018 disestablishments in California 2018 mergers and acquisitions Companies based in Spring Valley, Nevada Companies formerly listed on the Nasdaq Gambling companies of the United States American companies established in 1938 American companies disestablished in 2018 Gambling companies established in 1938 Gambling companies disestablished in 2018