Pinnacle Entertainment To Sell Lumiere Place Casino And Hotels For $260 Mln

(RTTNews) - Pinnacle Entertainment (PNK) Friday said it has agreed for the sale of Lumiere Place Casino and Hotels to Tropicana Entertainment Inc. for about $260 million in cash.

Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, commented, "We are pleased to enter into this agreement with Tropicana and to sell the high quality assets underlying this transaction to an equally high quality operator of gaming entertainment properties."

The sale of Lumiere Place Casino and Hotels is expected to close by the end of the 2014 first quarter, subject to the approval of the Missouri Gaming Commission and Federal Trade Commission, as well as customary closing conditions.

Pinnacle Entertainment intends to use the cash proceeds to repay debt and reduce leverage.