| Type | Public |
|---|---|
| Industry | Hospitality, Gambling, Entertainment |
| Genre | Casinos,Horse Race Tracks |
| Predecessor | Hollywood Park Entertainment, Hollywood Park Realty Enterprises, Hollywood Park Inc. |
| Founded | 1938 |
| Founder(s) | Jack L. Warner |
| Headquarters | Spring Valley, Nevada[1], United States |
| Key people | Anthony Sanfilippo, Carlos Ruisanchez, John A. Godfrey,Ginny Shanks, Daniel Boudreaux |
| Revenue | US$923.71 million (2007)[2] |
| Operating income | $8.35 million |
| Total assets | $2,193.54 million |
| Total equity | $1,052.36 million |
| Employees | 7,600 |
| Website | http://www.pnkinc.com |
Pinnacle Entertainment Inc. (NYSE: PNK) is a gaming and hospitality company based in the Las Vegas Valley, Nevada that was created in 1938. Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. In addition, Pinnacle is developing L'Auberge Casino & Hotel Baton Rouge with an expected opening in the Summer of 2012, and in August 2011, the Company acquired a 26% ownership stake in Asian Coast Development (Canada) Ltd. (ACDL), an international development and real estate company currently developing Vietnam's first large-scale integrated resort on the Ho Tram Strip.
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Hollywood Park Entertainment was established in 1938 by movie mogul Jack L. Warner when it acquired the Hollywood Turf Club and was based in Inglewood, California. At the time, the company ran thoroughbred and greyhound racing facilities. Incorporated in 1981 under the name Hollywood Park Realty Enterprises, Inc.. That was followed in 1992, when as part of a restructuring, it was renamed Hollywood Park, Inc. and listed on the NYSE. In February 2000, the company became known as Pinnacle Entertainment, Inc.[3] after selling Hollywood Park to Churchill Downs Incorporated.
On September 5, 2006, Pinnacle announced that it purchased Sands Casino Hotel in Atlantic City, New Jersey and would tear it down to build a $1.5 billion resort.[4] The property was closed on November 11, 2006 and demolished on October 18, 2007. Harsh economic times later caused Pinnacle to delay construction of the new resort.[5] In February 2010, the company announced that it had canceled its construction plans and would instead seek to sell the land.[6]
On December 21, 2006, Pinnacle completed the purchase of the President Casino in St. Louis, Missouri.
On February 9, 2008 voters in East Baton Rouge Parish, Louisiana approved a referendum allowing for the development of Pinnacle's Rivière Resort in Baton Rouge, Louisiana which will be larger than both of the competing riverboats in Baton Rouge combined.[7]
On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after he physically confronted and threatened a St. Louis (Missouri) County gaming regulator.[8]
On July 7, 2010, the company announced that it had completed the sale of all of the Argentina casinos for $40 million.[9]