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Stock Market & Financial Investment News

News Breaks
August 16, 2013
17:33 EDTPNKPinnacle to sell Lumiere Place Casino and Hotels to Tropicana for $260M
Pinnacle Entertainment announced that it has entered into a definitive agreement for the sale of Lumiere Place Casino, HoteLumiere, the Four Seasons Hotel St. Louis, and related excess land parcels to Tropicana Entertainment. Under the terms of the agreement, Tropicana will purchase Lumiere Place Casino and Hotels for cash consideration of approximately $260M. Lumiere Place Casino and Hotels will be accounted for as discontinued operations beginning in the 3Q13. The sale of Lumiere Place Casino and Hotels is expected to close by the end of 1Q14, subject to the approval of the Missouri Gaming Commission and Federal Trade Commission, as well as customary closing conditions.
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