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Pinnacle Entertainment Inc

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CALIFORNIA | LOCAL
March 14, 2000
Pinnacle Entertainment Inc. in Glendale, formerly known as Hollywood Park Inc., said it has received an acquisition offer from Harveys Casino Resorts for $25 per share of outstanding Pinnacle common stock. The agreement is subject to regulatory approval and Pinnacle management, which would retain an equity share in the combined company. Pinnacle Entertainment owns and operates eight casinos in Nevada, Mississippi, Louisiana and Argentina.
ARTICLES BY DATE
BUSINESS
August 3, 2006 | From the Associated Press
Casino owner Pinnacle Entertainment Inc. has sued three insurance carriers over Hurricane Katrina damage at its former Casino Magic property in Biloxi, Miss. Las Vegas-based Pinnacle claimed that the companies improperly blamed losses on flooding instead of a weather catastrophe of the kind specified in their policies. Pinnacle, which claims breach of contract and fraud, seeks $346.5 million in damages.
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BUSINESS
August 3, 2006 | From the Associated Press
Casino owner Pinnacle Entertainment Inc. has sued three insurance carriers over Hurricane Katrina damage at its former Casino Magic property in Biloxi, Miss. Las Vegas-based Pinnacle claimed that the companies improperly blamed losses on flooding instead of a weather catastrophe of the kind specified in their policies. Pinnacle, which claims breach of contract and fraud, seeks $346.5 million in damages.
BUSINESS
April 26, 2006 | From the Associated Press
Casino operator Aztar Corp. on Tuesday called a buyout offer of $1.7 billion in cash from Ameristar Casinos Inc. superior to a bid from Pinnacle Entertainment Inc., and gave Pinnacle until Friday to respond. Under an offer made Monday, Las Vegas-based Ameristar said it would pay $47 for each of Aztar's common shares outstanding, $2 more per share than Pinnacle agreed to pay in a revised offer it announced Monday.
BUSINESS
January 24, 2001 | Reuters
Two affiliates of buyout firm Colony Capital of Los Angeles have terminated their previously announced plan to buy casino operator Pinnacle Entertainment Inc. in a deal valued at about $1.3 billion. Glendale-based Pinnacle said the parties involved, which had previously agreed on a Jan. 31 extension of their deadline to close the deal, "mutually agreed that the merger agreement and all related transaction documents have been terminated."
BUSINESS
April 26, 2006 | From the Associated Press
Casino operator Aztar Corp. on Tuesday called a buyout offer of $1.7 billion in cash from Ameristar Casinos Inc. superior to a bid from Pinnacle Entertainment Inc., and gave Pinnacle until Friday to respond. Under an offer made Monday, Las Vegas-based Ameristar said it would pay $47 for each of Aztar's common shares outstanding, $2 more per share than Pinnacle agreed to pay in a revised offer it announced Monday.
BUSINESS
February 29, 2000 | Bridge News
Pinnacle Entertainment Inc. said it has agreed to sell its Turf Paradise racing track, including its horse-racing operations and 275 acres in Phoenix, for $53 million in cash to private investor Jerry Simms. Glendale-based Pinnacle, which was formerly known as Hollywood Park Inc., in 1999 sold its Hollywood Park horse-racing track in Inglewood to Churchill Downs, host of the Kentucky Derby. Pinnacle also is in the process of selling its two Mississippi casinos, Casino Magic Bay St.
BUSINESS
June 18, 2002 | From Times Staff Reports and Bloomberg News
Shopping center developer Rothbart Development Corp. said Monday that it had agreed to buy about 60 acres of land adjacent to Hollywood Park Race Track in Inglewood for $36 million and plans to build a retail project on the site. Rothbart has 12 months to secure city approvals and entitlements to build the center to complete the purchase of land from Glendale-based Pinnacle Entertainment Inc., which operates and owns casinos and card clubs.
BUSINESS
December 15, 2000 | From Bloomberg News
Pinnacle Entertainment Inc. shares fell 28% after the company said Thursday that its $1.28-billion sale to rival gaming company Harveys Casino Resorts is being delayed because of turmoil in the debt markets. Pinnacle shares fell $6.06 to close at $15.31 on the New York Stock Exchange, after trading as low as $14.25. The companies, in separate statements released by PRNewswire, said the purchase isn't terminated, though there can be no assurance a transaction will be completed.
BUSINESS
April 20, 2006 | From Reuters
Pinnacle Entertainment Inc. increased its bid Wednesday for rival casino owner Aztar Corp. to $1.65 billion, or $43 a common share, but Aztar said a previous offer by hotel and casino owner Columbia Sussex Corp. still looked better. Pinnacle and Aztar already have a definitive merger agreement in place. Pinnacle said it sweetened the terms to "respond to a third-party proposal." Columbia Sussex, a closely held company, has proposed to pay Aztar, owner of the Tropicana hotels in Atlantic City, N.
BUSINESS
April 25, 2006 | From Reuters
Casino operator Pinnacle Entertainment Inc. said Monday that it had raised its bid for rival Aztar Corp. to $45 a share, or about $1.7 billion, in the latest round of a bidding war for the owner of the Tropicana casinos in Las Vegas and Atlantic City, N.J. The bid brings Pinnacle in line with Ameristar Casinos Inc., which has offered to buy Aztar for $45 a share.
BUSINESS
April 20, 2006 | From Reuters
Pinnacle Entertainment Inc. increased its bid Wednesday for rival casino owner Aztar Corp. to $1.65 billion, or $43 a common share, but Aztar said a previous offer by hotel and casino owner Columbia Sussex Corp. still looked better. Pinnacle and Aztar already have a definitive merger agreement in place. Pinnacle said it sweetened the terms to "respond to a third-party proposal." Columbia Sussex, a closely held company, has proposed to pay Aztar, owner of the Tropicana hotels in Atlantic City, N.
BUSINESS
March 14, 2006 | From Reuters
Pinnacle Entertainment Inc., which operates casinos in smaller markets, said Monday that it would buy Tropicana owner Aztar Corp. for about $1.45 billion in cash, extending its reach into the prime markets of Las Vegas and Atlantic City, N.J. The first major casino takeover deal this year positions Pinnacle -- which is dwarfed by chains such as Harrah's Entertainment Inc. and MGM Mirage Inc. -- to muscle into the two main U.S. casino markets.
SPORTS
July 27, 2002 | BILL CHRISTINE, TIMES STAFF WRITER
After an executive shakeup at Pinnacle Entertainment Inc., formed three years ago in the aftermath of the sale of Hollywood Park to Churchill Downs, the Glendale-based gaming company may face sanctions Monday at a meeting of the Indiana Gaming Commission. R.D. Hubbard, a prominent owner and breeder of thoroughbreds who led a proxy fight that resulted in the ouster of Marje Everett as chairman of Hollywood Park in 1991, has resigned as chairman of Pinnacle and begun a divestiture of his stock.
BUSINESS
June 18, 2002 | From Times Staff Reports and Bloomberg News
Shopping center developer Rothbart Development Corp. said Monday that it had agreed to buy about 60 acres of land adjacent to Hollywood Park Race Track in Inglewood for $36 million and plans to build a retail project on the site. Rothbart has 12 months to secure city approvals and entitlements to build the center to complete the purchase of land from Glendale-based Pinnacle Entertainment Inc., which operates and owns casinos and card clubs.
BUSINESS
March 12, 2001 | JAMES F. PELTZ, TIMES STAFF WRITER
Pinnacle Entertainment Inc. is a casino operator headquartered on Brand Boulevard in Glendale, but its future is riding on 315 acres along the Ohio River in the southern tip of Indiana. That's the site of Pinnacle's new flagship property called Belterra Casino Resort, a $200-million hotel-casino.
BUSINESS
April 25, 2006 | From Reuters
Casino operator Pinnacle Entertainment Inc. said Monday that it had raised its bid for rival Aztar Corp. to $45 a share, or about $1.7 billion, in the latest round of a bidding war for the owner of the Tropicana casinos in Las Vegas and Atlantic City, N.J. The bid brings Pinnacle in line with Ameristar Casinos Inc., which has offered to buy Aztar for $45 a share.
BUSINESS
March 14, 2006 | From Reuters
Pinnacle Entertainment Inc., which operates casinos in smaller markets, said Monday that it would buy Tropicana owner Aztar Corp. for about $1.45 billion in cash, extending its reach into the prime markets of Las Vegas and Atlantic City, N.J. The first major casino takeover deal this year positions Pinnacle -- which is dwarfed by chains such as Harrah's Entertainment Inc. and MGM Mirage Inc. -- to muscle into the two main U.S. casino markets.
BUSINESS
January 24, 2001 | Reuters
Two affiliates of buyout firm Colony Capital of Los Angeles have terminated their previously announced plan to buy casino operator Pinnacle Entertainment Inc. in a deal valued at about $1.3 billion. Glendale-based Pinnacle said the parties involved, which had previously agreed on a Jan. 31 extension of their deadline to close the deal, "mutually agreed that the merger agreement and all related transaction documents have been terminated."
BUSINESS
December 15, 2000 | From Bloomberg News
Pinnacle Entertainment Inc. shares fell 28% after the company said Thursday that its $1.28-billion sale to rival gaming company Harveys Casino Resorts is being delayed because of turmoil in the debt markets. Pinnacle shares fell $6.06 to close at $15.31 on the New York Stock Exchange, after trading as low as $14.25. The companies, in separate statements released by PRNewswire, said the purchase isn't terminated, though there can be no assurance a transaction will be completed.
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