Pinnacle Entertainment Inc. investing in Asian Coast Dev. Ltd.

May 30, 2011 7:59 PM

Pinnacle Entertainment Inc. (PNK) has taken a major step toward involving the company in the expansion of Asian gambling by investing $95 million in a company that is building a casino complex in Viet Nam.

For its investment, Pinnacle Entertainment will own about 26 percent of Asian Coast Development Ltd., the company building the casino.

Pinnacle said the deal permits it to manage a beachfront resort Asian Coast is planning on the Ho Tram Strip.

Analysts covering the company hailed the investment as a positive move for Pinnacle Entertainment.