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The Chip Board Archive 03

New Indiana riverboat

I may have missed a previous posting but I ran across a story today while performing due dilligence on a stock. Here is the story:

GLENDALE, Calif., March 15 /PRNewswire/ -- Pinnacle Entertainment, Inc. (NYSE: PNK) (formerly known as Hollywood Park, Inc.) announced today that the special committee of its Board of Directors has retained the law firm of Munger, Tolles & Olson LLP, and Jefferies & Company, Inc. as financial advisor, to assist the special committee in evaluating the proposal Pinnacle Entertainment received from Harveys Resort Casinos to acquire all of its outstanding shares for cash at 25.00 per fully diluted share. The Pinnacle Entertainment special committee was formed on March 7, 2000, for the purpose of evaluating the proposal, and consists entirely of independent directors. Harveys Resort Casinos is majority owned by Colony Capital, Inc., a private investment firm.

Pinnacle Entertainment is a diversified gaming company that owns and operates eight casinos (four with hotels) in Nevada, Mississippi, Louisiana and Argentina, two of which are the subject of pending sale transaction. Pinnacle Entertainment receives lease income from two card club casinos, both in the Los Angeles metropolitan area and owns and operates the Turf Paradise horse racing facility in Arizona that is the subject of a pending sale transaction. The company is also constructing the Belterra Resort and Casino, a major hotel/casino complex in Southern Indiana, approximately 35 miles southwest of Cincinnati.

The point of my note is the new casino near Cincinatti. When announce in Sept 1998 it was scheduled to open in 18 months which would be NOW. I saw a lot of earth being move late last year on the river between Argosy and Grand Victoria. I thought that it was for a new barge dock but it may be the casino. I will see if I can dig up some more info as to when it is to open.

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