Pinnacle completes acquisition Texas racetrack

At closing, the company paid cash consideration of us$ 15 million to acquire a 75.5% equity interest in PRP. PRP will use the proceeds of the transaction primarily to refinance the existing indebtedness of Retama Development Corporation (RDC). In addition, the  company entered into a management contract with RDC to manage the day-to-day operations of Retama Park. In conjunction with the closing, RDC repaid approximately us$ 3.3 million of loans owned by the Company that were used to maintain continuity in the operations of Retama Park Racetrack.

Anthony Sanfilippo, President and CEO of Pinnacle Entertainment, commented, "We are very excited to welcome Retama Park to the Pinnacle Entertainment family through our management contract for the track and to expand our geographic reach to the great state of Texas. We will immediately begin work to integrate Retama Park into our portfolio and look forward to leveraging Pinnacle's operational and marketing expertise to improve the track's operating performance.

"Long term, we believe Retama Park offers Pinnacle and its stakeholders tremendous strategic value in terms of expanding our geographic reach to the vibrant Texas markets of San Antonio and Austin and further diversifying our operating base. We thank Retama Development Corporation, the City of Selma, Retama Partners and the Texas Racing Commission for their support and assistance in bringing this transaction to successful completion."