Jump to content

Pinnacle Entertainment

From Alfawiki
Adapted from the English Wikipedia article Pinnacle Entertainment, available under CC BY-SA 4.0Updated 25 July 2025
Pinnacle Entertainment, Inc.
Company typePublic
IndustryGambling and hospitality
FoundedJune 10, 1938; 88 years ago (1938-06-10)
FounderJack L. Warner
Defunct2018 (2018)
FateAcquired by Penn National Gaming
Headquarters
United States
Area served
United States, Argentina (former)
Key people
Anthony Sanfilippo (CEO from 2010)
ProductsCasinos, horse racing tracks, resorts
ParentPenn National Gaming (from 2018)

Pinnacle Entertainment, Inc. was a U.S.-based company specializing in gambling and hospitality, which was purchased by Penn National Gaming in 2018. At the time of acquisition, the company managed sixteen casino locations across Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, along with a horse racing track situated in Texas.

History

Established on June 10, 1938, by film industry pioneer Jack L. Warner, Pinnacle originated as the Hollywood Park Turf Club racetrack located in Inglewood, California. Early investors included entertainment icons such as Walt Disney and Bing Crosby. The entity was incorporated under the name Hollywood Park Realty Enterprises in 1981 and subsequently renamed Hollywood Park, Inc. in 1992.

Shifting focus from horse racing to casino ventures, Pinnacle acquired Boomtown, Inc. in 1997 for $188 million, thereby adding casino properties in Nevada, Louisiana, and Mississippi to its portfolio. The following year, it expanded further by purchasing Casino Magic Corp. for $340 million, gaining access to markets in Mississippi, Louisiana, and Argentina.

In 1999, the Hollywood Park racetrack was sold to Churchill Downs, Inc., prompting the company to rebrand itself as Pinnacle Entertainment in 2000. That same year marked the debut of Belterra Casino Resort & Spa, Pinnacle’s inaugural self-developed gaming resort. Later, in 2005, the company launched L'Auberge du Lac Resort in Lake Charles, Louisiana.

In 2006, Pinnacle took ownership of the Sands Casino Hotel in Atlantic City with intentions to develop a $1.5 billion resort; however, economic difficulties led to cancellation of these plans and the property was sold in 2013 for $29.5 million to local developers.

The company broadened its holdings by acquiring the President Casino in St. Louis in 2006 and subsequently opening Lumière Place there in 2007. It introduced River City Casino in Missouri in 2010 and completed an expansion of L’Auberge Baton Rouge by 2012.

After CEO Dan Lee resigned amid misconduct allegations in 2009, Anthony Sanfilippo assumed the CEO role in 2010. That year also saw Pinnacle divest its Argentine casino operations for $40 million.

In early 2011, Pinnacle purchased River Downs Racetrack near Cincinnati and acquired a controlling interest in Retama Park horse track located in Texas during 2012 as part of a strategic move anticipating possible expansion of gaming within Texas.

Pinnacle ventured into the Asian gaming sector through a $95 million investment securing a 26% ownership stake in Asian Coast Development Ltd., developer of the Ho Tram Strip integrated resort near Ho Chi Minh City.

In 2012, Pinnacle sold Boomtown Reno for $12.9 million. The subsequent year it acquired Ameristar Casinos for $869 million plus assumption of $1.9 billion debt, adding nine properties across six states while agreeing to divest certain assets to comply with antitrust regulations.

Plans announced in 2014 to spin off real estate into a REIT shifted when Pinnacle instead sold most property assets to Gaming and Leisure Properties (GLPI) for $4.75 billion worth of stock; this included leaseback agreements generating $377 million annually in rent. This transaction finalized in April 2016. Later that year, Pinnacle acquired operational control of The Meadows Racetrack and Casino from GLPI for $138 million.

In December 2017, Pinnacle consented to a $2.8 billion cash-and-stock acquisition by Penn National Gaming. To obtain regulatory clearance, Pinnacle divested four properties to Boyd Gaming for $575 million prior to completing the transaction on October 15, 2018. Additionally, Belterra Park’s real estate was sold to Boyd for $58 million.

Over its existence, Pinnacle’s strategic approach centered on geographically diversifying its gaming operations while capitalizing on its capabilities in casino development and management to expand within the competitive hospitality marketplace.

Resorts and Casinos

Upon acquisition, the company oversaw the following prominent properties:

Argentina

United States

Retrieved from "https://www.alfawiki.org/index.php?title=Pinnacle_Entertainment&oldid=8541"