“Operating casinos in Argentina was challenging for Pinnacle. The firm wants to focus in the US business”

Pinnacle confirmed that it has struck a deal to sell one large casino and several smaller ones in Argentina to a consortium of Argentine companies for approximately us$ 40 million, subject to working capital and other adjustments and customary closing conditions.

Its assets consist of Casino Magic Argentina, one large and several small casinos in the Patagonia region of the country. Its main Argentine casino in the city of Neuquén features a new 32-guestroom hotel adjoining the main casino, lounges and entertainment venue

Why did the company decide to sell all its properties in Argentina?
The company is really optimizing the resources of its core operations with its US based properties. Operating casinos in Argentina was challenging for the firm but now it wants to focus in the United States business.

When does the firm expect to complete the transaction?
This summer. However, it is subject to approval from the government of the Province of Neuquen.

A news piece this week said that a consortium of Argentine companies will buy the properties. Can you confirm the name of the buyers?
Yes, it is a consortium of four companies: Casino Club, Da Silvano, Compañía Gerenciadora de Inversiones, and Correon (collectively, the “Buyers”).

How has been the experience of the company during the time it operated in Argentina?
The first thing I have to say is that we had terrific employees there, they’ve done a great job running the property, we had a great guest experience will local customers, and it’s been a good experience for the company but really the focus for the future is to concentrate in its core US properties.

Pinnacle owns and operates casinos in Louisiana, Missouri, Indiana and Nevada. In March it opened its newest casino, River City, in south St. Louis County.