Pinnacle Entertainment Readies $40M Sale

LAS VEGAS-Casino and hotel operator Pinnacle Entertainment has struck a deal to sell one large casino and several smaller ones in Argentina to a consortium of Argentine companies for approximately $40 million, subject to working capital and other adjustments and customary closing conditions, the company says. Pinnacle’s Argentina assets consist of one large and several small casinos in the country’s Patagonia region. The transaction is subject to approval from the government of the Province of Neuquen and the company expects to complete the transaction this summer.

Anthony Sanfilippo, president and chief executive officer of Pinnacle, said in a prepared statement that the transaction is consistent with the company’s strategy of focusing on enhancing operating results at its core US properties to build shareholder value.”