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Sells Casino Magic unit for $40 million
Pinnacle Entertainment Inc. has entered into an agreement to sell its Argentina operations to a consortium of Argentine companies for about $40 million. Pinnacle's Casino Magic Argentina unit consists of a main casino in Neuquén and several smaller casinos in the country's Patagonia region.
“This transaction is consistent with our strategy to focus on enhancing operating results at our core U.S. properties to build shareholder value,” says Anthony Sanfilippo, president and ceo of Pinnacle, which owns and operates casinos in Nevada, Louisiana, Indiana and Missouri.
The Argentine deal is subject to approval from the government of the Province of Neuquén. Pinnacle expects to complete the transaction this summer.
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