January 24, 2001 |
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."
April 26, 2006 |
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.
February 29, 2000 |
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.
December 6, 2002 |
Pinnacle Entertainment Inc. was sued for wrongful termination by its former chief executive, who said the casino company blamed him for a 2001 "weekend of debauchery" that led to regulatory sanctions and harassment suits. Paul Alanis, whose resignation was announced in April by Glendale-based Pinnacle, claims that the June 2001 event at the Belterra Casino in Indiana was organized by the former chairman of Pinnacle's board, R.D. Hubbard.
December 15, 2000 |
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.
April 20, 2006 |
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.