Pinnacle Entertainment to Acquire River Downs Racetrack
By Market News Video Staff, Friday, November 26, 9:56 AM ET
Pinnacle Entertainment (NYSE:PNK) said today it has agreed to acquire River Downs Racetrack, in Cinncinnati, Ohio, for $45 million. The acquisition is consistent with Pinnacle’s strategy of deploying its solid balance sheet for return-focused growth opportunities. Pinnacle said it could benefit if video lottery terminals in Ohio’s racetracks are legalized, and if so it intends to revitalize River Downs as a unique gaming entertainment destination.
Pinnacle shares are trading modestly higher on Friday morning, despite the general weakness in the markets today.
Pinnacle is a minor holding of the Market Vectors Gaming ETF (AMEX:BJK). Top U.S. listed stock in the fund include Las Vegas Sands (NYSE:LVS) at 15.07% of the fund, Wynn Resorts (NASDAQ:WYNN) at 7.8% of the portfolio, and MGM Resorts (NYSE:MGM) at 2.5% of the fund.
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