Pinnacle Shareholders Approve Sale-Leaseback Plan Casinos
BATON ROUGE (AP) — Shareholders of Pinnacle Entertainment, which owns four casinos in Louisiana, have a deal to sell the company's real estate assets to a casino property owner.
At the special shareholders meeting, which was held at L'Auberge Baton Rouge, The Advocate’s Timothy Boone reports Pinnacle stockholders agreed to sell 14 of its 15 casino properties to Gaming and Leisure Properties Inc. Pinnacle would then lease back the casinos for an initial annual rent of $377 million.
In Louisiana, Pinnacle owns L'Auberge Baton Rouge, L'Auberge Casino Resort in Lake Charles, Boomtown Casino Hotel in New Orleans and Boomtown Casino Hotel in Bossier City.
Gaming and Leisure Properties also owns and operates Hollywood Casino Baton Rouge.
Officials with the Louisiana Gaming Control Board said they don't know when the board will vote on approving the deal.