94°F
weather icon Mostly Clear
Las Vegas, NV
Casinos & Gaming

Ohio State Racing Commission OKs Pinnacle plan to buy track

January 14, 2011 - 12:00 am
 

The Ohio State Racing Commission approved plans Thursday by Pinnacle Entertainment to acquire the River Downs Racetrack in southeast Cincinnati by the end of this month.

Las Vegas-based Pinnacle, a regional casino operator, said it would fund the $45 million acquisition through available cash.

Pinnacle Chief Executive Officer Anthony Sanfilippo said the deal could allow the company to open a casino with video lottery terminals at the racetrack if Ohio clears the use of more than 17,000 slot machines at the state's horse-racing facilities.

"We plan to move quickly to invest in and revitalize River Downs to develop a new gaming, racing and entertainment destination facility for the Cincinnati market." Sanfilippo said.

Penn National Gaming shares fell 34 cents, or 0.97 percent, Thursday to close at $34.76 on the Nasdaq Global Select Market.

THE LATEST
 
Will Strip resort closures change the hotel market?
By McKenna Ross / RJ

Simple laws of supply and demand might make observers think that losing two resorts within three months would have a significant effect on the Strip market.

 
Why South Point owner bought land near resort for $5.5M
By Sean Hemmersmeier / RJ

South Point owner Michael Gaughan recently purchased 4.3 acres of undeveloped land near the Las Vegas resort, and he plans to get it developed quickly.

 
MGM topples food donation goal, surpassing 5M meals
By Alan Halaly / RJ

MGM Resorts International,has passed its goal of providing 5 million meals to the Las Vegas community and to other cities it operates resorts in well before 2025.