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twitterHarveys Casino Resorts to buy Pinnacle Entertainment for $675 million
Monday, April 17, 2000 | 12:29 p.m.
The deal, which is subject to regulatory approvals and Pinnacle's stockholders, will give Harveys ownership of Pinnacle's four hotels and eight casinos in Mississippi, Louisiana, Nevada and Argentina.
Pending approvals, the deal is expected to be complete by the end of 2000.
Under the terms of the agreement, Pinnacle's senior executives will contribute $50 million of Pinnacle Entertainment shares and share equivalents to a newly formed Harveys subsidiary, PH Casino Resorts.
Harveys is majority owned by Colony Capital Inc., a private investment firm.
At the closing of the deal, PH Casino Resorts would acquire all the outstanding shares of Pinnacle for $24, plus another $1 per share if Pinnacle sells nearly 100 acres of surplus land in Inglewood, Calif.
Glendale, Calif.-based Pinnacle owns and operates Boomtown in Biloxi, and Casino Magic in Bay St. Louis and Biloxi.
Harveys owns and operates the gaming resort on Lake Tahoe, Nev., and casino hotels in Iowa and Colorado.
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